Suppose you are the money manager of a $4.66 million investment fund. The fund consists of four stocks with the following investments and betas:

stock	investments	beta
a	580,000	1.50
b	600,000	(0.50)
c	980,000	1.25
d	2,500,000	0.75

If the market's required rate of return is 9% and the risk-free rate is 4%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.