Suppose you are the money manager of a $4.74 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment	Beta
A	$ 460,000	1.50
B	580,000	(0.50)
C	1,500,000	1.25
D	2,200,000	0.75

If the market's required rate of return is 9% and the risk-free rate is 5%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.