Suppose you are the money manager of a $5.04 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment		Beta
A	$ 420,000		1.50
B	500,000		(0.50	)
C	1,320,000		1.25
D	2,800,000		0.75

If the market's required rate of return is 8% and the risk-free rate is 5%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.