Suppose you are the money manager of a $4.36 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock Investment Beta

A. 580,000. 1.50

B. 700,000. (0.50)

C. 980,000. 1.25

D 2,100,000. 0.75

if the market's required rate of return is 8% and the risk-free rate is 5%, what is the fund's required rate of return?