An investment advisor is analyzing the range of potential expected returns of a new fund designed to replicate the directional moves of the China Shanghai Composite Stock Market Index (SHANGHAI) but with twice the volatility of the index. SHANGHAI has an expected annual return of 7.6% and a volatility of 14.0%, and the risk-free rate is 3.0% per year. Assuming the correlation between the fund's returns and that of the index is 1.0, what is the expected return of the fund using the CAPM?