The market is expected to yield 12% and the risk free rate is 2%. You currently hold a portfolio with a beta of 0.75 worth $41,600. You want to invest additional funds (i.e money will be added to your holdings) in another portfolio with a beta of 2.9. How much will you have to invest in the new risky asset so that the resulting portfolio will have an expected return of 16%?

answer in $ not in percentage.