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A firm has a profit margin of 4% and an equity multiplier of 1.3. Its sales are $240 million, and it has total assets of

A firm has a profit margin of 4% and an equity multiplier of 1.3. Its sales are $240 million, and it has total assets of $72 million. What is its ROE? Do not round intermediate calculations. Round your answer to two decimal places.

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