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Bill Johnson manages a diversified portfolio consisting of a $9,477 investment in each of 10 different common stocks. The portfolio's beta is 1.38. Now suppose

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Bill Johnson manages a diversified portfolio consisting of a $9,477 investment in each of 10 different common stocks. The portfolio's beta is 1.38. Now suppose Bill decided to sell one of the stocks in the portfolio with a beta or 0.69 for $9,477 and use the proceeds to buy another stock with a beta of 1.16. What would the portfolio's new beta be

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