An analyst gathers the following information about the company XYZ:

Expected Rate of Return on SP500 index 11.5%

Variance of S&P500 returns (5 years) 0.0100

Rate of Return on 10 year T-Note 2.9%

Covariance of S&P500 returns with XYZ returns (5 years) 0.0150

Variance of XYZ returns (5 years) 0.2500

Based on this information the analyst estimates the beta of XYZ to be 1.5.

true or false