You are the money manager of a $10 million investment fund, which consists of four stocks. This fund has the following investments and betas:

Stock Investment Beta

A $3,000,000 1.50

B $1,000,000 (0.50)

C $2,000,000 1.25

D $4,000,000 0.75

If the market's required rate of return is 12 percent, and the risk-free rate is 4 percent, what is the fund's required rate of return?