A money manager has P10,000,000 invested in a portfolio that has a required rate of return at 12%.  The manager plans to sell P3,000,000 of stock with a beta of 1.6 out of the P10,000,000 portfolio.  She plans to reinvest the P3,000,000 into another stock that has a beta of 0.7.  

If the money manager goes ahead with this planned transaction, What will be the required return of the new portfolio?