David is buying a property for $800,000 including any fees and stamp duties. He is borrowing $600,000 at an effective interest rate of 4% per annum. In the first year the return on assets for the property is 10%. Using a similar approach to the one used under the 'Financial Leverage' section of the lecture, calculate his return on equity in the first year as a percentage (to the nearest percentage point). Your answer should be entered as a percentage to the nearest percentage point without the percentage sign. For example, if your answer is 0.151 or 15.1%, then you should enter your answer as 15