Suppose you manage a $5 million fund that consists of four stocks with the following investments: \begin{tabular}{ccc} Stock & Investment & Beta \\ \hline A & $750,000 & 1.50 \\ B & 1,500,000 & 0.50 \\ C & 2,000,000 & 1.25 \\ D & 750,000 & 0.75 \end{tabular} 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