Acopalypse Now Inc. is a company that manufactures products for the New Age market (Crystal balls, Nostradum predictors, Tarot cards etc.). The firm has 10 million shares outstanding trading at $ 10 per share, no debt outstanding and a cash balance of $ 25 million. The stocks current beta is 1.20. The firm decides that it should prepare for themillennium by borrowing $ 15 million, using its cash balance of $ 25 million, and buying $40 million of its own stock. Estimate the beta after the transaction. (The corporate tax rate is 40%)