Suppose you manage a $4 million fund that consists of four stocks with the following investments: Stock Investment Beta A $400,000 1.50 B 600,000 -0.50 C 1,200,000 1.25 D 1,800,000 0.75 If the market's required rate of return is 16% 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