Question 3 Consider the following information regarding corporate bonds: Rating AAA AA BBB BB CCC Average Default Rate 0.096 0.196 0.296 0.596 2.296 5.596 12.296 Recession Default Rate 0.096 1.096 3.096 3.096 8.096 16.096 48.096 Average Beta 0.05 0.05 0.05 0.10 0.17 0.26 0.31 Luther Industries has a market capitalization of $33 billion, no debt, and $4 billion in cash. If Luther's estimated equity beta is 0.95, then the beta of Luther's underlying business enterprise is (Please write your answer as a number with two decimal place, e.g. write "12.341" as "12.34")