Alexa Company is an all equity company with a beta of 1.8. The risk free rate is 3% and the market return is 10%. The company is considering taking a project that is less risky than their current line of business, and they have assessed that the appropriate discount rate for this project is 2% lower than their overall cost of capital. What is the risk of this project (i.e. the project's beta)?

A. 2.14

B. 1.76

C. 1.51

D. 1.60

E. 1.36