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4.06 A firm has a profit margin of 5% and an equity multiplier of 2.2. Its sales are $310 million, and it has total assets

4.06

A firm has a profit margin of 5% and an equity multiplier of 2.2. Its sales are $310 million, and it has total assets of $124 million. What is its ROE? Do not round intermediate calculations. Round your answer to two decimal places.

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