Cash 14 Accounts payable 42

Receivables 70 Other current liabilities 28

Inventories 280 Total CL 70

Total CA 364 Long-term debt 140

Net fixed assets 126 Common equity 280

Total assets 490 Total liab. and equity 420

Sales 280

Net income 21

You have the above balance sheet and income statement for Ahmed's You want to reduce your total liabilities and use the generated funds to buy back common stock at the book value. You will reduce your total liabilities so that Total Liablilities-to-Total Equity Ratio (TL/TE) is equal to 0.53 . There is no effect on sales or net income. What is the new ROE?