The firm is expected to pay a dividend of $4.20 in the upcoming year. Dividends are expected to grow at the rate of 8% per year. The riskfree rate of return is 3% and the expected return on the market portfolio is 12%. Investors use the CAPM to compute the required rate of return on the stock, and the constant growth model to determine the intrinsic value of the stock. The stock is trading in the market today at $84.00. Using the constant growth model and the CAPM, the beta of the stock is __________.