Suppose you are the money manager of a $4.38 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock Investment

Beta A $ 340,000 1.50

Beta B 500,000 (0.50 )

Beta C 1,440,000 1.25

Beta D 2,100,000 0.75

If the market's required rate of return is 11% and the risk-free rate is 5%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.