A firm that pays no tax is considering a 5 year project that requires an initial investment of $25,000 and has a beta of 1.5. The project has the following annual projected income statement:

Sales	$50,000
Cost of Goods Sold (Variable Costs)	20,000
Depreciation	5,000
Profit	$25,000

The treasury bill rate is 3% and the expected return on the market is 6.33%

a) What is the degree of operating leverage of the project?