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You hold 12 stocks in your portfolio. The portfolio beta is 1.048. Stock A comprises 19% of the dollar value of your holdings and has

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You hold 12 stocks in your portfolio. The portfolio beta is 1.048. Stock A comprises 19% of the dollar value of your holdings and has a beta of 1.06. If you sell all of your investment in A and invest the proceeds in the risk-free asset, what is the beta of your new portfolio? The beta of the new portfolio is (Note: please retain at least 4 decimal places in your calculations and at least 2 decimal places in the final answer.)

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