You are the director of ABC Company which is an all-equity firm. The firm's current cost of equity is 12%; the risk-free interest rate is 9%; and the rate of return on the market is 11%. You are considering a new project that is twice more beta risk than your company's assets currently held. You estimate that 16% is promised from the new project if you decide to accept it.

Should the project be accepted if beta risk is the appropriate measure?