A mutual fund manager, Sally Spartan, has a $24.0 million portfolio with a beta of 1.25. The risk-free rate is 3.50%, and the market risk premium is 7.00%. The manager expects to receive an additional $16.0 million which she plans to invest in additional stocks. After investing the additional funds, the total portfolio will equal $40.0 million. Sally wants the final $40 million dollar fund's required and expected return to be 15.0%. What must the average beta of the new stocks be to achieve the target required rate of return.