Tannin corporation has $60 million of outstanding equity and $20 million of bank debt. The bank debt costs 6% per year. The estimated equity beta is 1.2. If the market risk premium is 5% and the risk-free rate is 3%,

Then the company borrows $10 million dollar more and use the proceeds to buyback/retire its equity.

1. what is the new levered beta at the new level of debt?