You are a consultant to a large manufacturing orporation that is considering a project with thefollowing net after-tax cash flows (in millions of dollars ): <image 1> The project's beta is 1.8. Assuming that rf = 8% and E(rM) = 16%, what is the highest possible beta estimate for the project before its NPV becomes negative?
['3.31', '3.47', '3.65']