Tyre N. currently manages a $500,000 portfolio. He is expecting to receive an additional $300,000 from a new client. The existing portfolio has a required return of 11.1%. The risk-free rate is 1.9% and the return on the market is 11.3%. If Tyre wants the required return on the new portfolio to be 12.5%, what should be the average beta for the new stocks added to the portfolio? Enter your answer in % form (do not write the symbol %) and round your final answer to two decimals: for example