Portfolio required return Suppose you are the money manager of a $4.72 million investment fund. The fund consists of four stocks with the following investments and betas: Stock Investment Beta A $ 500,000 1.50 B 780,000 - 0.50 C 1,140,000 1.25 D 2,300,000 0.75 If the market's required rate of return is 13% and the risk-free rate is 7%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.