Suppose the economy can be in one of the following three states: (i) Boom or good state and (ii) Normal State and (iii) Recession or bad state. The probability of states occurring is 20%, 55%, and 25% respectively. The annual return on the market and a certain security X in the three states of the economy are as follows. Furthermore, assume that annual risk-free rate of return is 6% in all states of the market. Calculate the beta of security X relative to the market.

State of Economy Probability of state Stockx return Market return 0.24 Boom 0.20 0.36 Normal 0.55 0.17 0.13 Bust 0.25 0.00 -0.28