PORTFOLIO BETA

A mutual fund manager has a $$20$ million portfolio with a beta of $1\mathrm{.}15.$ The risk$-$free rate is $7\mathrm{.}75\%,$ and the market risk premium is $5\mathrm{.}5\%.$ The manager expects to receive an additional $$5$ million, which she plans to invest in a number of stocks. After investing the additional funds, she wants the fund's required return to be $18\%.$ What should be the average beta of the new stocks added to the portfolio? Do not round intermediate calculations. Round your answer to two decimal places. Enter a negative answer with a minus sign.