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Your retirement fund consists of a $5,000 investment in each of 12 different common stocks. The portfolio's beta is 1.40. Suppose you sell one of

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Your retirement fund consists of a $5,000 investment in each of 12 different common stocks. The portfolio's beta is 1.40. Suppose you sell one of the stocks with a beta of 0.7 for $5,000 and use the proceeds to buy another stock whose beta is 1.6. Calculate your portfolio's new beta. Do not round intermediate calculations. Round your answer to two decimal places

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