Suppose you are the money manager of a $4.96 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment	Beta
A	$580,000	1.50
B	500,000	(0.50
C	1,480,000	1.25
D	2,400,000	0.75

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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Calculate the required rate of return for Mudd Enterprises assuming that investors expect a 3.5% rate of inflation in the future. The real risk-free rate is 1.0%, and the market risk premium is 6.5%. Mudd has a beta of 1.4, and its realized rate of return has averaged 11.5% over the past 5 years. Round your answer to two decimal places.

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