The $$10\mathrm{.}00$ million mutual fund Henry manages has a beta of $1\mathrm{.}05$ and a $9\mathrm{.}50\%$ required return. The risk$-$free rate is $4\mathrm{.}20\%.$ Henry now receives another $$7\mathrm{.}00$ million, which he invests in stocks with an average beta of $0\mathrm{.}65.$ What is the required rate of return on the new portfolio? $($Hint: You must first find the market risk premium, then find the new portfolio beta.$)$

Select the correct answer.

a$.8\mathrm{.}49\%$

b$.8\mathrm{.}85\%$

c$.8\mathrm{.}76\%$

d$.8\mathrm{.}67\%$

e$.8\mathrm{.}58\%$