PORTFOLIO BETA A mutual fund manager has a $20 million portfolio with a beta of 1.5.
The risk-free rate is 4.5%, and the market risk premium is 5.5%. 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 13%. What
Should be the average beta of the new stocks added to the portfolio?

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