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Suppose you are the money manager of a $4.94 million investment fund. The fund consists of four stocks with the following investments and betas: Stock

Suppose you are the money manager of a $4.94 million investment fund. The fund consists of four stocks with the following investments and betas:

StockInvestmentBetaA$320,0001.50B400,000(0.50)C1,220,0001.25D3,000,0000.75

If the market's required rate of return is 11% 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.

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