Suppose you are the money manager of a $4.76 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock Investment and Beta

A $ 380,000 1.50

B 800,000 (0.50 )

C 1,080,000 1.25

D 2,500,000 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.