PORTFOLIO BETA

Suppose you held a diversified portfolio consisting of a $$7,500$ investment in each of $20$ different common stocks. The portfolio's beta is $0\mathrm{.}98.$ Now suppose you decided to sell one of

the stocks in your portfolio with a beta of $1\mathrm{.}0$ for $$7,500$ and use the proceeds to buy another stock with a beta of $0\mathrm{.}97.$ What would your portfolio's new beta be$?$ Do not round

intermediate calculations. Round your answer to two decimal places.