Assume an M&M world with taxes. Your company's EBIT is currently $20,000,000, and EBIT is expected to remain constant over time (zero growth). The company pays out all of its earnings each year, so its earnings per share equals its dividends per share. The firm has 6,000,000 shares outstanding. The risk-free rate in the economy is 2.5 percent, and the market risk premium is 5.0 percent. The company's beta is currently 1.50. And, of course, the tax rate is 40%. Currently, the firm as no debt outstanding. The company decided to issue $X million worth of debt, and to use the proceeds to repurchase shares in the open market. When the announcement of the debt issue was made yesterday, the stock price reacted appropriately, increasing by 20%. The firm then issued the debt and repurchased the shares as planned. What is the final beta of the firm's equity? You should use all M&M assumptions for this answer. Answer in XXX format. For example, a final beta of 1.0356 should be entered as 1.04.