A mutual fund manager has a $16.00 million portfolio with a beta of 1.15. The risk-free rate is 4.25%, and the market risk premium is 7.00%. The manager expects to receive an additional $32.00 million which she plans to invest in additional stocks. After investing the additional funds, she wants the fund's required and expected return to be 13.00%. What must the average beta of the new stocks be to achieve the target required rate of return? Do not round your intermediate calculations. a. 3.45 O b. 1.30 O c 1.16 O d. 1.54 O e 1.35