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A mutual fund manager has a $20 million portfolio with a beta of 1.05. The risk-free rate is 7.50%, and the market risk premium is

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A mutual fund manager has a $20 million portfolio with a beta of 1.05. The risk-free rate is 7.50%, and the market risk premium is 6.0%. The manager expects be 14%. What should be the average beta of the new stocks added to the portfolio? Negative value, if any, should be indicated by a moun intermediate calculations. Round your answer to two decimal places

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