You hold a diversified portfolio consisting of a $100 investment in each of 15 different common stocks (i.e., your total investment is $1500). The portfolio beta is equal to 1.0 . You have decided to sell one of your stocks which has a beta equal to 2.1 for $100. You plan to use the proceeds to purchase another stock which has a beta equal to 1.1 . What will be the beta of the new portfolio? Show your answer to 2 decimal places.