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21.Jeffrey Inc. has $60 million in assets and $21 million in earnings before interest and taxes (EBIT).Assuming Jeffrey Inc. is in the 40% tax bracket,

21.Jeffrey Inc. has $60 million in assets and $21 million in earnings before interest and taxes (EBIT).Assuming Jeffrey Inc. is in the 40% tax bracket, has a debt ratio of 30%, and pays an interest rate of 8% on its debt, what is Jeffrey's return on equity (ROE)?

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