Suppose you are the money manager of a $4.22 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment		Beta
A	$ 360,000		1.50
B	400,000		(0.50	)
C	960,000		1.25
D	2,500,000		0.75

If the market's required rate of return is 9% and the risk-free rate is 4%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.