Four assets are available for you to choose from: Asset A with a beta of 1.2; Asset B with a beta of 0.9; Asset C with a beta of 0.7; and Asset D with a beta of 0.5. Your current portfolio comprises of Assets A, B, and C with the weight of Asset C being triple of each of the two other assets in your current portfolio. You decide to sell all of Asset C in your portfolio and replace it with Asset A. By how much would your portfolio beta change after the asset replacement?

X A: An increase of 1.14. X B: An increase of 0.22. X C: An increase of 0.3. X D: A decrease of 0.3. X E: A decrease of 0.22.

Please let me know the correct option WITH PROPER EXPLANATION AND STEP-BY-STEP WORKINGS. Thanks OPTION C is WRONG>