Suppose you manage a $5.45 million fund that consists of four stocks with the following investments: Stock Investment Beta $420,000 1.50 700,000 -0.50 1,380,000 1.25 2,950,000 0.75 If the market's required rate of return is 9% and the risk-free rate is 7%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places. 0%