Dodo Airlines (DODO) has a current stock price of $48 and a book value per share of $24. Assume the single-stage growth model is appropriate for valuing the company. DODO's beta is 1.30, the risk-free rate is 3 percent, and the equity risk premium is 6 percent. If the growth rate is 4 percent, what ROE is required to yield DODO's current P/B ? 17.60%9.60%9.80%10.80%