1. Company GoodHouse Inc. currently focuses on real estate business. As the CEO you plan to develop the business in a new field, Metaverse, for diversification and growth purpose. Wikipedia describes Metaverse as a hypothesized iteration of the Internet, supporting persistent online 3-D virtual environments through conventional personal computing, as well as virtual and augmented reality headsets.

To estimate the cost of equity for this project, you use the Pure-Play technique and collect the information on pure-play firms dealing with Metaverse, as shown in the following table

Company Name	Equity beta	Equity/(Equity + Debt)	Tax rate
V-Game	3.0	70%	25%
Meta Horizon	4.0	80%	15%

Your project will be funded as follows: 20% by debt and 80% by equity. The tax rate is 20%. The risk-free rate is 3%. The average return on the S&P 500 index over the past five years is 8%.

Please calculate the equity beta of your Metaverse project using the Pure-Play technique.