Arms HL and Ll are identical except for their financial leverage ratios and the interest rates they pay on debt. Each has $24 million in invested capital, has $3.6 mimion of Eart, and is in the 25% federal-plus-state tax bracket. Both firms are smal with average sales of $25 million or less during the post 3 years, so both are exempt from the interest deduction limitation. Firm HL, however, has a debt-to-capital ratlo of 60% and pays 12% interest on its debt, whereas LL has a. 20% debt-to-capital ratio and pays only 9% interest on its debt. Neither firm uses preferred stock in its capital structure. a. Calculate the return on invested capital (ROIC) for each firm. Round your answers to two decimal places. ROIC for firm LL: ROIC for firm HLI b. Calculate the return on equity (ROE) for each firm. Round your answers to two decimal places, ROE for firm LL. ROE for firm HLI c. Observing that HL has a higher noE, L's treawurer is thinking of raising the debt-to-capital ratio frem 20% to 60 even though that would increase LL's interest rate on all debt to 15%. Calculate the new ROE for LL. Round your answer to two decimal places