Problem $13-29$ Using CAPM $(LO1,4)$

A portfolio invests in a risk$-$free asset and the market portfolio has an expected return of $7\%$ and a standard deviation of

$10\%.$ Suppose the risk$-$free rate is $4\%,$ and the standard deviation on the market portfolio is $22\%.$ According to the

CAPM, what expected rate of return would a security earn if it had a $0\mathrm{.}55$ beta? $($Do not round intermediate

calculations. Round the final answer to $2$ decimal places.$)$

Expected rate of return