Suppose you manage a $4 million fund that consists of four stocks with the following investments:

Stock Investment Beta A $600,000 1.50 B 1,000,000 -0.50 C 1,200,000 1.25 D 1,200,000 0.75

If the market's required rate of return is 17% and the risk-free rate is 7%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.