The CFO of MediSearch plc believes that investing into a project which will develop a new drug for fighting the flu virus, promises a long-term annual return of 15%. The expected return of the market index isR

M

=14.8%, the volatility of the market index is

M

= 9.5%, and the risk-free asset earnsR

f

= 4.4%. The CFO has studied similar projects of other companies and believes that the covariance between the returns of this project and the returns of the market is

P,M

= 0.0069 (in decimal form).

What is the beta of the project?