Suppose you manage a $3 million fund that consists of four stocks with the following investments: Stock A Investment Beta $450,000 1.50 B 900,000 -0.50 C 1,200,000 450,000 1.25 0.75 If the market's required rate of return is 8% and the risk-free rate is 4%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.