If the equity beta is 2 and the debt to asset ratio is 0.5; what should be the unlevered beta? You can assume a 40% tax rate. Note: the debt-to-asset ratio is different than the debt-to-equity ratio! If the equity beta is 2 and the debt to asset ratio is 0.5; what should be the unlevered beta? You can assume a 40% tax rate. Note: the debt-to-asset ratio is different than the debt-to-equity ratio! Choose from the following options: 1.20. 1.3. 2. 1. 1.25. 1.5.