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 is RM = 11.4%, the volatility of the market index is M = 11.9%, and the risk-free asset earns Rf = 1.6%. 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 = 0.0114 (in decimal form). What is the beta of the project? (round to 2 decimal places)