I'm not sure how to proceed with this question:

The CFO of Medi-Plus believes that investing into a project that will develop a new drug to fight the coronavirus, promises a long-term annual return of 12%. The expected return of the market index is RM = 16.4%, the volatility of the market index is M = 11.1%, and the risk-free asset earns Rf = 1%. The CFO knows the covariance between the returns of this project and the returns of the market is P,M = 0.0072 (in decimal form).

What is the beta of the project? (round 2 decimal places)

Thank you!!