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Abrams builds a portfolio by investing in two stocks only: Microsoft (MSFT) and Nokia (NOK). According to the CAPM, the expected risk premium (i.e., the

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Abrams builds a portfolio by investing in two stocks only: Microsoft (MSFT) and Nokia (NOK). According to the CAPM, the expected risk premium (i.e., the expected return minus the risk-free rate) of MSFT is 10.15% and the expected risk premium of NOK is 5.65%. The beta of MSFT is equal to 1.06. If Abrams puts 77% of his money in MSFT stock and 23% in NOK stock, what is the approximate beta of his portfolio? Number (Please round your answer with two decimals)

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