Suppose you are the money manager of a $4.56 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock Investment

Beta A $ 580,000 1.50

Beta B 600,000 (0.50 )

Beta C 1,480,000 1.25

Beta D 1,900,000 0.75

If the market's required rate of return is 13% 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.