You have been managing a $5 million portfolio that has a beta of 1.05 and a required rate of return of 15.675%. The current risk-free rate is 7%. Assume that you receive another $500,000. If you invest the money in a stock with a beta of 1.00, what will be the required return on your $5.5 million portfolio? Do not round intermediate calculations. Round your answer to two decimal places.