I am asked to find the degree of homogeneity for this demand function

X = AM^{2.04}P^{-1.3}

This is what i have so far

Xo = AMo^{2.04}Po^{-1.3}

X1 = A(\lambda Mo)^{2.04}(\lambda Po)^{-1.3}

= A\lambda^{2.04} Mo^{2.04} \lambda^{-1.3} Po^{-1.3}

= \lambda^{0.74} AM^{2.04}P^{-1.3}

\lambda^{0.74}Xo

I'm unsure as to whether this is correct, if it is would I be right in saying that the demand function is homogenous of a degree 0.74 ?