Suppose you hold a diversified portfolio consisting of $8,500 investment in each of 15 different common stocks. The portfolio bets is 1.75. Now, suppose you decide to sell one of the stocks in your portfolio with a beta equal to 1.1 for $8,500 and to use these proceeds to buy another stock for your portfolio. Assume the new stock's beta is 1.81. Calculate the new portfolio's beta.