Problem 11-24 Analyzing a Portfolio

You have $100,000 to invest in a portfolio containing Stock X and Stock Y. Your goal is to create a portfolio that has an expected return of 12.9 percent. Stock X has an expected return of 11.2 percent and a beta of 1.30, and Stock Y has an expected return of 7.7 percent and a beta of .80.

a.	How much money will you invest in Stock Y? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b.	What is the beta of your portfolio? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)