Assets		Liabilities
Reserves	250	Deposits
Required	__	Transaction (checking) deposits	1000
Excess	__	Savings deposits	3000
Loans		Money Market deposits	500
Variable rate loans	750	Time deposits (CDs)
Short-term loans	1600	Fixed rate	500
Long-term fixed rate loans	2000	Variable rate	100
Securities		Borrowing
Short-term securities	500	Fed funds borrowed	0
Long-term securities	600

Refer to the bank balance sheet above. Suppose values are in millions of dollars. Suppose return on assets (ROA) is 1.2%. Suppose bank owners convince bank managers to borrow 1000 million from other banks and make more loans. What is the new leverage ratio? Answer as a percent and do not enter a % sign.