Assume that you manage a $$10\mathrm{.}00$ million mutual fund that has a beta of $1\mathrm{.}05$ and a $9\mathrm{.}50\%$ required return. The risk$-$free rate is $2\mathrm{.}20\%.$ You now receive another $$11\mathrm{.}50$ million, which you invest in stocks with an average beta of $0\mathrm{.}65.$ What is the required rate of return on the new portfolio? $($Hint: You must first find the market risk premium, then find the new portfolio beta.$)$ Do not round your intermediate calculations.