You create a portfolio consisting of $32,000 invested in a mutual fund with beta of 1.6, $16,000 invested in Treasury securities (assume risk- free), and $21,000 invested in an index fund tracking the market. According to surveys, the expected market risk premium is 5.746. Risk-free rate is 1.4%. What is the expected return of this portfolio according to the CAPM? Answer in percent, rounded to one decimal place