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 RM

$=13\mathrm{.}7\%,$ the volatility of the market index is $\backslash$sigma M

$=10\mathrm{.}7\%,$ and the risk$-$free asset earns Rf

$=2\mathrm{.}2\%.$ 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

$=0\mathrm{.}0056($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.

Number