The cost of equity for X Corporation is 8.4 percent and the debt-equity ratio is .6. The expected return on the market is 10.4 percent and the risk-free rate is 3.8 percent. Using the common assumption for the debt beta, what is the asset beta?

The correct answer is: .44

I need to know how to create the following formula in Excel:

Rs =.084 = .038 + Equity (.104 .038); Equity = .697

Asset= 1 / 1.6 .697 = .44