Suppose you are the money manager of a $4.82 million investment fund. The fund consists of 4 stocks with the following investments and betas:

Stock Investment Beta A $ 340,000 1.50 B 380,000 - 0.50 C 1,300,000 1.25 D 2,800,000 0.75

If the market's required rate of return is 10% and the risk-free rate is 6%, what is the fund's required rate of return? Round your answer to two decimal places.