1. You have been asked to estimate the cost of equity for Hadley Holdings, a firm with operations in three different businesses retailing, hotels, and travel. You have collected information on the firm's operations and of comparable firms in each of the businesses. Comparable Firms Revenues Unlevered Beta Firm Value/Sales Retailing $400 Million 0.85 2.0 Software $400 Million 1.15 3.0 Travel $800 Million 1.35 1.25 a. Estimate the bottom-up unlevered beta for Hadley Holdings. ( 20 points)