Based on the following data for KLP stock, what is the implied beta for the stock?

Dividend just paid, D₀, =$4

10-year Treasury bond yield=3%

Current market price, P₀=$146.67

Market risk premium=10%

Constant dividend growth rate=10%

Assume that the stock is priced in equilibrium.

Select one:

a. 1.0

b. 1.6

c. 1.3

d. 2.0

e. 0.7