Suppose you are the money manager of a $4.37 million investment fund. The fund consists of four stocks with the following investments and betas: Stock Investment Beta A $ 300,000 1.50 B 700,000 (0.50) C 1,220,000 1.25 D 2,150,000 0.75 If the market's required rate of return is 11% and the risk-free rate is 3%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.