Suppose you are the money manager of a $4.46 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment		Beta
A	$ 480,000		1.50
B	700,000		(0.50	)
C	1,080,000		1.25
D	2,200,000		0.75

If the market's required rate of return is 12% and the risk-free rate is 6%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.