An investment advisor is analyzing the range of potential expected returns of a new fund designed to replicate the directional moves of the BSE Sensex Index but with twice the volatility of the index. The Sensex has an expected annual return of 12.3% and volatility of 19.0%, and the risk-free rate is 2.5% per year. Assuming the correlation between the fund's returns and that of the index is 1, what is the expected return of the fund using the capital asset pricing model?