The following is the Bloomberg beta page for Kraft Foods, using five years of monthly data Equity Only positive numbers allowed with FT US Equity EquityBETA Relative Index SPX Index Historical Beta ast Price Range 04/30/2007 02/29/2012PrMonthlyLocal CUR r Linear Beta Non-Parametric Y KRAFT FOODS INC-CLASS A X = S&P 500 INDEX Item Raw BETA Adjusted BETA ALPHA(Intercept) R"2(Correlation 2) R(Correlation) Std Dev of Error Std Error of ALPHA Std Error of BETA t-Test Significance Last T-Value Last P-Value Number of Points 15 Val 0.532 0.688 0.387 0.257 0.507 5.079 0.667 0.121 4.404 0.000 0.612 0.272 58 Last Observation -10 x-SP Index Australle 61 2 9777 9600 Braz11 5511 3049 4500 Europe 44 20 7330 7500 Germany Japan 81 3 3201 8900 g Kong Singapore 65 6212 1000 U.S.1 212 318 2000 Copyright 2012 Bloonberg Finance L.P SN 636136 EST GHT-5: 00 G653-161-0 01-Mar-2012 11 22 05 Kraft had 1.8 billion shares, trading at $40 a share, and $28 billion in total debt outstanding in January 2012. Over the five years of the regression, Kraft had an average market debt to equity ratio of 20%. The marginal tax rate is 35%. Assuming that the regression beta (raw beta) is a reasonable estimate of the company's beta over the regression period and the firm's debt beta equaled 0.10, what is the appropriate estimate for the current unlevered beta for the company? And what does this unlevered beta represent (i.e., how should we interpret this beta)