You have been managing a $5 million portfolio that has a beta of 0.70 and a required rate of return of 11%. The current risk-free rate is 5.75%. Assume that you receive another $500,000. If you invest the money in a stock with a beta of 1.90, what will be the required return on your $5.5 million portfolio? Round your answer to two decimal places.

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A mutual fund manager has a $20 million portfolio with a beta of 1.20. The risk-free rate is 6.75%, and the market risk premium is 7.0%. The manager expects to receive an additional $5 million, which she plans to invest in a number of stocks. After investing the additional funds, she wants the fund's required return to be 12%. What should be the average beta of the new stocks added to the portfolio? Round your answer to two decimal places.