Firms HL and U are identical except for their financial leverage ratios and the interest rates they pay on debe. Each has $12 milison in invested capital, has $1.8 million of EarT, and is in the 25\% federal-plus-state tax bracket. Both firms are small with average sales of $25 million or less during the past 3 years, so both are exempt from the interest deduction limitation. Firm HL, however, has a debt-to-capital ratio of 60% and pays 11% interest on its debt, whereas 4 has a 35% debt-to-capital ratio and pays only 9% interest on its debt. Neither firm uses preferred stock in its capital structure, a. Calculate the return on invested capital (ROIC) for each firm. Round your answers to two decimal places. ROIC for firm t1: ROIC for firm HE: b. Calculate the return on equity (ROE) for each firm, Round your answers to two decimal places ROE for firm U: ROE for firm HL C. Observing that HL has a higher ROE, UL's treasurer is thinking of ralsing the debt-to-capital ratio from 35% to 60% even though that would increase LL's interest rate on al debt to is\%. Calculate the new ROE for LL. Round your answer to two decimat places