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A firm has a profit margin of 3% and an equity multiplier of 2.2. Its sales are $490 million, and it has total assets of

A firm has a profit margin of 3% and an equity multiplier of 2.2. Its sales are $490 million, and it has total assets of $147 million. What is its ROE? Do not round intermediate calculations. Round your answer to two decimal places.

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