Suppose you manage a $4 million fund that consists of four stocks with the following investments: Stock Beta 1.50 Investment $200,000 800,000 1,200,000 1,800,000 -0.50 1.25 0.75 If the market's required rate of return is 14% 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. %