Nordic Energy Resources is a successful all-equity energy company with operations in two divisions: Hydropower and Pipeline & Refining. You work as a senior analyst at the firm reporting to the CFO and are asked to estimate the divisional costs of capital for the board to incorporate in their planned performance evaluations. To prepare for the estimation, you've collected the following information at both corporate and divisional levels: Equity Beta Operation Revenue 2020 ($ mil.) 0.92 $305,328 Nordic Energy Resources Hydropower division Pipeline & Refining division 1.05 $102,357 ? $202,971 What is your estimate of the equity beta for Pipeline & Refining division? Select one: O a. 0.13 O b. 0.38 O c. 0.79 O d. 0.85