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 $ 440,000 1.50 600,000 (0.50) 1,040,000 1.25 D 2,300,000 0.75 If the market's required rate of return is 9% 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. %