BASIC Gamma Biosciences is financed entirely with equity. Its beta is $1\mathrm{.}5,$ and its price$-$earnings ratio is $16.$ The current risk$-$free rate is $8$ percent, and the expected return on the market is $14$ percent.

a$.$ What rate of return should the company require on projects of average risk?

b$.$ If a new project has a beta of $2\mathrm{.}0,$ what rate of return should the company require?

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