Assume that you manage a $10.00 million mutual fund that has a beta of 1.05 and a 9.50% required return. The risk- free rate is 2.20%. You now receive another $11.50 million, which you invest in stocks with an average beta of 0.65. 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. a) 8.01% b) 9.53% C) 8.65% d) 8.41% e) 9.37%