You are planning to buy two stocks to create your portfolio. One is the very-stable old-world company P&G (PG). Assume PG's beta equals 0.38. The other stock is high-flying new-world company Tesla (TSLA). Assume TSLA's beta equals 1.6. You will invest an equal amount of money in each stock. What is the beta of your planned portfolio? Answer should include two digits to the right of the decimal point, rounded appropriately.