IDX Tech is looking to expand its investment in advanced security systems. The project will be financed with equity. You are trying to assess the value of the investment, and must estimate its cost of capital. You find the following data for a publicly-traded firm in the same line of business.

Debt outstanding (bookvalue, AA-rated): $397 Million

Number of shares of common stock: 70 million

Stock price per share: $16.36

Book value of equity per share: $5.96

Beta of equity: 1.16

What is the estimated projects beta? (Round to two decimal places)