What is the proper order for using the Hamada equation to estimate a companys beta based on industry comparison?

Group of answer choices

a) Collect competitor data, average the individual betas, unlever the average, relever the beta

b) Collect competitor data, unlever the individual betas, relever the individual betas, average the result

c) Collect competitor data, unlever individual betas, average the unlevered betas, relever the beta

d) No answer text provided.