Suppose you manage a $4.645 million fund that consists of four stocks with the following investments:

Stock	Investment		Beta
A	$480,000		1.50
B	325,000		-0.50
C	1,140,000		1.25
D	2,700,000		0.75

If the market's required rate of return is 9% 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.

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