Consider the following information regarding corporate bonds:

Rating AAA AA A BBB BB B CCC

Average Default Rate 0.0% 0.1% 0.2% 0.5% 2.2% 5.5% 12.2%

Recession Default Rate 0.0% 1.0% 3.0% 3.0% 8.0% 16.0% 48.0%

Average Beta 0.05 0.05 0.05 0.10 0.17 0.26 0.31

Luther Industries has a market capitalization of $23 billion, no debt, and $4 billion in cash. If Luther's estimated equity beta is 1.32, 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")