Consider the following information regarding corporate bonds: Rating AAA AA A BBB BB CCC Average Default Rate 0.0% 0.1% 0.2% 0.5% 2.29% 5.5% 12.2% Recession Default Rate 0.05 1.0% 3.0% 3.0% 8.0% 16.0% 48.09% Average Beta 0.05 0.05 0.05 0.10 0.17 0.26 0.31 Luther Industries has a market capitalization of $44 billion, no debt, and $4 billion in cash. If Luther's estimated equity beta is 1.12, then the beta of Luther's underlying business enterprise is (Please write your answer as a number with two decimal place, e.g. write "12.341" as "12.34")