Suppose you are the money manager of a $4.95 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock Investment Beta

A $ 380,000 1.50

B 620,000 (0.50)

C 1,500,000 1.25

D 2,450,000 0.75

If the market's required rate of return is 9% and the risk-free rate is 3%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.