Assume that you manage a $$10\mathrm{.}00$ million mutual fund that has a beta of $1\mathrm{.}05$ and a $12\mathrm{.}00\%$ required return. The risk$-$free rate is $4\mathrm{.}75\%.$ You now receive another $$10\mathrm{.}00$ million, which you invest in stocks with an average beta of $0\mathrm{.}65.$ What is the required rate of return on the new $$20\mathrm{.}00$ million portfolio?