You hold the positions in the table below. Price Shares Beta Advanced Micro Devices $8.00 303 4.92 FedEx Corp. $165.00 127 1.52 Microsoft $12.00 121 0.95 $19.00 Sara Lee Corp. 0.99 239 If you expect the market to earn 17.60 percent and the risk-free rate is 5.60 percent, what is the required return of the portfolio? (Do not round intermediate calculations and round your final answer to 2 decimal places.)