Companys interest rate is 10%, and its tax rate is 35% with a long-term expected annual growth rate of 4%. The Companys total notes payable is $5,000,000, and its total stockholders equity (book) is $7,000,000. The market value of equity equals twice its total debt. Which of the following statements related to beta is correct?

As equity increases, levered beta increases.

As debt increases, levered beta decreases.

As debt increases, unlevered beta increases.

As equity increases, unlevered beta decreases.