ABC Inc. is an all equity firm. The company is operating in a perfect capital market. The company's unlevered cost of equity is 14.5%. The company is going to borrow some money and buy back some of its outstanding shares. When it has finished the stock buy back the company's debt equity ratio will be 2.6. With this amount of debt the company's cost of debt will be 4.6%.

What will be the company's return on equity after the transaction (borrow the money and buy back the shares) is completed? Your answer should be shown as a percentage and it should be accurate to two decimal places.