Assume that the risk$-$free rate is $5\mathrm{.}5\%$ and the market risk premium is $6\%.$ A money manager has $$10$ million invested in a portfolio that has a required return of $12\%.$ The manager plans to sell $$3$ million of stock with a beta of $1\mathrm{.}6$ that is part of the portfolio. She plans to reinvest this $$3$ million into another stock that has a beta of $0\mathrm{.}7.$ If she goes ahead with this planned transaction, what will be the required return of her new portfolio? $($I want an explanation for an answer $10\mathrm{.}38\%)$