A biotech company's stock fell by 10% one day while the market fell by 3% after an unfavorable clinical report. Outstanding shares are 1,000,000 and price per share is $10. Beta of the firm is .75.

How much value (in dollars) did the company lose after the report?

**So far, I'm not sure how to incorporate the beta information or total market loss in this problem. I assumed the company's loss was calculated this way: (1,000,000 * $10) = $10,000,000 - (.10) = a loss of $1,000,000