Ernie the Investor holds a portfolio with a market value of $80,000 (consisting of a $10,000 investment in each of eight different common stocks). If...

Ernie the Investor holds a portfolio with a market value of $80,000 (consisting of a $10,000 investment in each of eight different common stocks). If the portfolio's beta is currently 1.25 and Ernie decides to sell one of his stocks that has a beta of 1.00 and to use the proceeds to buy a replacement stock with a beta of 1.35. What would the portfolio's new beta be?