Analysts believe that Manufactured Earnings is a $$darling$$ of Wall Street analysts. Its current

market price is $$27$ per share, and its book value is $$11$ per share. Analysts forecast that the

firm$$s book value will grow by $12\mathrm{.}5$ percent per year indefinitely, and the cost of equity is $17$

percent. Given these facts, what is the market$$s expectation of the firm$$s long$-$term average

ROE?