Suppose you are the money manager of a $4.52 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment		Beta
A	$ 360,000		1.50
B	700,000		(0.50)
C	1,060,000		1.25
D	2,400,000		0.75

If the market's required rate of return is 8% 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.

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