Snowflake Inc. is a company that operates in the fintech business and you are trying to estimate a beta for being just in the fintech business. The average regression beta across 45 fintech companies is 1.23, the average debt to equity ratio for these firms is 125.00% and cash as a percent of firm value is 2.00% for the firms. What is the unlevered beta of being in the fintech business? (You can assume a .34 marginal tax rate for all firms.)

Question options:

a)	.69
b)	-.53
c)	.67
d)	1.00
e)	-.55