Problem 8-17 Portfolio beta A mutual fund manager has a $20 million portfolio with a beta of 0.80. The risk-free rate is 7.75%, and the market risk premium is 4.5%. 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? Round your answer to two decimal places