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You manage a $20M mutual fund that has a beta of 1.38 and a 11.66% expected return. The risk-free rate is 2.26%. You now receive

You manage a $20M mutual fund that has a beta of 1.38 and a 11.66% expected return. The risk-free rate is 2.26%. You now receive an additional $5M, which you invest in stocks with an average beta of 0.67. The expected return of the new portfolio is _________%. Answer in percentage, rounded to two decimal places..

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