9. Spar Holdings Limited is said to have had similar business and financial risks to that of the industry average over last few years. This would imply that the company has had similar asset and equity betas to that of the industry. The industry equity beta is 0.70 and its debt/equity ratio is 0,5. a. Explain is the difference between an asset beta and an equity beta? (4 marks) b. If Spar Holdings Ltd decided to go on an expansion strategy that is funded by debt, its debt/equity ratio will increase to 0,8 (an increase of 0,3 on the current industry average). Considering this change in Spars financial risk, calculate a new equity beta for Spar Holdings Ltd. Assume a tax rate of 28%.