of capital for this investment is 12.3%. Also consider that the volatility and the risk-free rate are 38% and 4.5%, respectively. What is the beta of a corporation whose only asset is a one-year option to open a dealership? The current value of the asset without the dividends is $ million. (Round to four decimal places.) The present value of the value of the dealership is $ million. (Round to four decimal places.) The value of d1 is while the value of d2 is . (Round to four decimal places.) The value of the option is $ million. (Round to four decimal places.) The beta is (Round to two decimal places.) What is the beta if the first year's cash flows are expected to be $690,000, so a working dealership is worth $7.30 million? If a working dealership is worth $7.30 million, the current value of the asset is $ million. (Round to four decimal places.) The value of d1 is while the value of d2 is . (Round to four decimal places.) Substituting into the Black-Scholes formula: The value of the option is $ million. (Round to four decimal places.) The beta is (Round to two decimal places.)