Assume that a block of three flats is purchased at a price of $259530. The property is financed 57% by equity. It has a gross income of $30367, operating expenses of $8620, and an interest payment of $4529 per year. What is the return on equity invested in this property? (Please type your answer in decimals and round your answer to four decimal places. For example, 10.11% should be 0.1011.)