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　　An analyst is preparing a valuation report on Wacha Corporation, a conglomerate which consists of four separate business units. The analyst has already estimated the unlevered beta of each of the frim’s business units based on data from the unit’s closest competitors, but would like to construct a beta metric that reflects the composite risk profile of the firm, taking into consideration its financing. According to its most recent financial statements, the firm has a debt to equity ratio of 1.2 and an effective corporate tax rate of 35.0%. Additional information about the firm’s four business units is as follows:
　　Based on this information, what is the levered beta of the firm?
　　A.  1.78
　　B.  1.98
　　C.  2.07
　　D.  2.21
　　Answer: B
　　A levered equity beta can be calculated using the following formula:
　　Levered Beta = Unlevered Beta*[1+(1-tax rate)(Debt/Equity)]
　　First, we should calculate the unlevered beta, which is the weighted average of the unlevered segment betas
　　(weighted by proportion of revenues): (0.35*0.49) + (0.30*1.56) + (0.25*1.47) + (0.1*1.08) = 1.115.
　　Inputting this factor along with the given tax rate and debt/equity ratio into the equation provides the levered beta:
　　Levered beta = 1.115*(1+(1-0.350)*1.2) = 1.98