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Cache Creek Manufacturing Company is expected to pay a dividend of $4.20 in the upcoming year. Dividends are expected to grow at the rate of 7.8% per year. The risk-free rate of return is 2.6%, and the expected return on the market portfolio is 14.8%. Investors use the CAPM to compute the market capitalization rate on the stock and use the constant-growth DDM to determine the intrinsic value of the stock. The stock is trading in the market today at $67. Using the constant-growth DDM and the CAPM, the beta of the stock is