Currently ABM Corp beta is $1\mathrm{.}96.$ The market value of debt is $$50$M$,$ and the market value of assets is $90$M$.$ The company is considering repurchasing its bonds for $$10$M and issuing common stock for the same amount. Estimate new beta if risk$-$free rate is $3\mathrm{.}7\%$ and the return on stock market is $8\mathrm{.}2\%.$ The company pays $18\%$ taxes on its profits

The correct Answer is $1\mathrm{.}6,$ please tell me the calculation.