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 $16\%.$ The expected return of the market index is $R_M=8\mathrm{.}1\%,$ the volatility of the market index is ${}_M=9\mathrm{.}6\%,$ and the risk$-$free asset earns $R_f=3\mathrm{.}9\%.$ 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 ${}_{P,M}=0\mathrm{.}0072($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.

Section Attempt $1$ of $1$