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 5% in all states of the market. Calculate the beta of security X relative to the market.

State of Economy	Probability of State	Market return	Stock return
Boom	0.22	0.24	0.36
Normal	0.55	0.17	0.13
Bust	0.25	0.00	-0.28