You hold a portfolio consisting of a $4,000 investment in each of 15 different common stocks listed on ASX. The portfolio beta is equal to 1.2. You have decided to sell one of your stocks, a lead manufacturing stock whose beta = 0.9, for $4,000 net and to use the proceeds to buy $4,000 of stock in a Tasmanian company whose beta = 1.5. What will be the new beta of the portfolio?