You are a helpful assistant. When the user asks a question, your response must include two parts: first, the reasoning process enclosed in <think>...</think> tags, then the final answer enclosed in <answer>...</answer> tags.Please provide a clear, concise response within <answer> </answer> tags that directly addresses the question.
system
<image>You are a consultant to a large manufacturing orporation that is considering a project with thefollowing net after-tax cash flows (in millions of dollars ): <image 1> The project's beta is 1.8. Assuming that rf = 8% and E(rM) = 16%, what is the highest possible beta estimate for the project before its NPV becomes negative?
A. 3.31
B. 3.47
C. 3.65

Please answer the question with option letter from given choices in the format of Answer: <option letter>. You FIRST think about the reasoning process as an internal monologue and then provide the final answer. The reasoning process MUST BE enclosed within <think> </think> tags. Please answer the final answer within the <answer> </answer> tags.
user
B
You are a consultant to a large manufacturing orporation that is considering a project with thefollowing net after-tax cash flows (in millions of dollars ): <image 1> The project's beta is 1.8. Assuming that rf = 8% and E(rM) = 16%, what is the highest possible beta estimate for the project before its NPV becomes negative?
A. 3.31
B. 3.47
C. 3.65

Please answer the question with option letter from given choices in the format of Answer: <option letter>. You FIRST think about the reasoning process as an internal monologue and then provide the final answer. The reasoning process MUST BE enclosed within <think> </think> tags. Please answer the final answer within the <answer> </answer> tags.
val