Suppose you manage a $4.61 million fund that consists of four stocks with the following investments: Stock Investment Beta A $300,000 1.50 B 700,000 -0.50 C 1,060,000 1.25 D 2,550,000 0.75 If the market's required rate of return is 9% and the risk-free rate is 4%, what is the fund's required rate of return? Round your answer to two decimal places