Suppose you are the money manager of a $4.29 million investment fund. The fund consists of 4 stocks with the following investments and betas:
Stock Investment Beta
A $ 340,000 1.50
B 780,000 - 0.50
C 1,020,000 1.25
D 2,150,000 0.75
If the market's required rate of return is 13% and the risk-free rate is 3%, what is the fund's required rate of return? Round your answer to two decimal places