P&G currently has a capital structure of 45 percent debt and 55 percent equity, but is considering a new product that will be produced and marketed by a separate division. The new division will have a capital structure of 65 percent debt and 35 percent equity. P&G has a current beta of 1.8, but is not sure what the beta for the new division will be. Morrin is a firm that produces a product similar to the product under consideration by P&G. Morrin has a beta of 2.8. a capital structure of 55 percent debt and 45 percent equity and a marginal tax rate of 30 percent. P&G's tax rate is 40 percent. Estimate the levered beta for P&G's new product division. 2.98 3.19 2.85 3.47 Question 6 13 125 points)