You are building a portfolio for a client. This portfolio will consist of two mutual funds and an investment in the risk-free asset. You want the total portfolio for your client to have a beta of 0.75. The beta of the first mutual fund is 1.3 the beta of the second fund is 1.17. The client has $1,000,000, and will invest $475,724 in the second fund and the remainder of the monies will be invested in the risk-free asset. Given this information how much money should be invested into the the first fund to meet the objectives of the portfolio?

Answer as dollars and cents.