\[begin{array}{l} Unlevered{\text{ }}\beta{\text{ }}\left( {Asset{\text{ }}\beta} \right)\ = \left\[ {1 + Equity(1 - tax{\text{ }}rate) \times Debt} \right\] \times Levered{\text{ }}\beta{\text{ }}\left( {Equity{\text{ }}\beta} \right) end{array}\]
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