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 $14\%.$ The expected return of the market index is RM

R

M

$=17\mathrm{.}1\%,$ the volatility of the market index is $\backslash$sigma M

$\backslash$sigma

M

$=11\mathrm{.}6\%,$ and the risk$-$free asset earns Rf

R

f

$=3\mathrm{.}4\%.$ 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 $\backslash$sigma P$,$M

$\backslash$sigma

P

$,$

M

$=0\mathrm{.}0078($in decimal form$).$

This question has $3$ parts $($i$.$e$.,$ you will be clicking "Verify" $3$ times$).$

What is the beta of the project? Enter your answer rounded to two decimal places.