[Question 1] A firm makes a surprise announcement that it is going to have a leveraged recapitalization and will target a debt-to-value ratio of 40% ongoing, at which point the debt will have a beta of 0.2. Before this announcement, the firm had a market cap of 400 million, debt-to-value ratio of 20%, equity beta of 1.2, risk-free debt, and a target debt level policy. The corporate tax rate is 20%. What is the equity beta of the firm after the recapitalization