The table lists the monthly total returns on Wal-Mart Stores Inc. common stock and the market rates of return for a 24-month period.

Observation	Month	Wal-Mart rate of return (%)	Market rate of return (%)
1	Aug 2014	3.29	4.18
2	Sep 2014	1.28	-2.11
3	Oct 2014	-0.26	2.74
4	Nov 2014	14.78	2.43
5	Dec 2014	-1.35	-0.01
6	Jan 2015	-1.05	-2.77
7	Feb 2015	-1.24	5.78
8	Mar 2015	-1.41	-1.01
9	Apr 2015	-5.11	0.42
10	May 2015	-4.24	1.39
11	Jun 2015	-4.50	-1.70
12	Jul 2015	1.48	1.65
13	Aug 2015	-9.46	-6.00
14	Sep 2015	0.17	-2.95
15	Oct 2015	-11.72	7.86
16	Nov 2015	2.80	0.56
17	Dec 2015	5.05	-2.04
18	Jan 2016	8.25	-5.67
19	Feb 2016	-0.03	-0.02
20	Mar 2016	4.01	7.03
21	Apr 2016	-2.37	0.63
22	May 2016	6.62	1.79
23	Jun 2016	3.16	0.23
24	Jul 2016	-0.07	3.97

Estimate beta to two decimal places for Wal-Mart based on this data. If beta is negative, then include a minus sign. Hint: see Examples 18 and 19 in the lecture.

0.42

-0.37

0.20

-0.04

0.89