You hold 13 stocks in your portfolio. Each stock has the same weight. The portfolio beta is 1.15. If you sell one stock which has a beta of 1.20 and invest the proceeds in a new stock which has a beta of 1.16. What will be your new portfolio beta? (Please retain at least 4 decimal places in your calculations and at least 2 decimal places in the final answer.) The beta for the new portfolio will be