Consider the following six future states of the world, labelled A through to F. The total returns under each of the states are listed below for the NZX50 and Clarion Total returns State Probability NZX50 Clarion ao- u - A 0.1 -0.2 -0.3 B 0.1 -0.1 -0.2 C 0.3 0.05 0 D 0.3 0.1 0.15 E 0.1 0.15 0.3 F 0.1 0.2 -0.1 1 The risk free rate is 2% and the market risk premium is 3% What is the beta of Clarion relative to the NZX50?