CAPM AND PORTFOLIO RETURN

You have been managing a $$5$ million portfolio that has a beta of $1\mathrm{.}35$ and a required rate of return of $11\%.$ The current risk$-$free rate is $3\mathrm{.}75\%.$ Assume that you receive another $$500,000.$ If you invest the money in a stock with a beta of $0\mathrm{.}70,$ what will be the required return on your $$5\mathrm{.}5$ million portfolio? Do not round intermediate calculations. Round your answer to two decimal places.

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