You have a portfolio that consists of 45% Olympic Steel stock, 35% Rent-a-Center stock and 20% Lincoln Educations stock. Olympic Steel has a beta of 1.06, Rent-a-Center's is 1.57 and Lincoln Educational's is 0.73. If the market required return is expected to be 12.5% and the risk-free rate is 3%, what is the required return of the portfolio? (Round your answer to two decimal places.)