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2 Marks of 30 You hold 13 stocks in your portfolio. Each stock has the same weight. The portfolio beta is 1.19. If you sell

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2 Marks of 30 You hold 13 stocks in your portfolio. Each stock has the same weight. The portfolio beta is 1.19. If you sell one stock which has a beta of 1.20 and invest the proceeds in a new stock which has a beta of 0.83. What will be your new portfolio beta? (Please retain at least 4 decimal places in your calculations and at least 2 decimal places in the final answer.) The beta for the new portfolio will be

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