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 8%. The expected return of the market index is RM = 8.2%, the volatility of the market index is M = 11.7%, and the risk-free asset earns Rf = 2.8%. 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 = 0.0111 (in decimal form). What is the beta of the project?