Cache Creek Manufacturing Company is expected to pay a dividend of $4.20 in the upcoming year. Dividends are expected to grow at the rate of 4.9% per year. The risk- free rate of return is 3.4%, and the expected return on the market portfolio is 13.3 % Investors use the CAPM to compute the market capitalization rate on the stock and use the constant-growth DDM to determine the intrinsic value of the stock. The stock is trading in the market today at $65. Using the constant-growth DDM and the CAPM the beta of the stock is