Suppose you are the money manager of a $4.69 million investment fund. The fund consists of four stocks with the following investments and betas: Stock Investment Beta $ 340,000 1.50 380,000 (0.50) 1,420,000 1.25 2,550,000 0.75 If the market's required rate of return is 12% 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 %