A local entrepreneur is looking for investors in a new company that will develop mobile apps for behavioral health. The company requires $20 million in start-up funds. It can be capitalized with 100% equity or with 40% debt and 60% equity. The expected operating income (EBIT) is $5,500,000 and the company will pay taxes of 21%. Debt financing would bear an interest rate of 5%. Calculate the ROE with 100% equity financing. (Enter percentages as decimals and round to 4 decimals)