For fiscal year 2015, Wal-Mart Stores, Inc. (WMT) had total revenues of

$ 485.65$485.65

billion, net income of

$ 16.36$16.36

billion, total assets of

$ 203.49$203.49

billion, and totalshareholders' equity of

$ 81.39$81.39

billion.

a. Calculate Walmart's ROE directly, and using the DuPont Identity.

b. Comparing with the data for Costco ( For fiscal year 2015, Costco Wholesale Corporation (COST) had a net profit margin of 2.05%, asset turnover of 3.48, and a book equity multiplier of 3.15. Costco's ROE (DuPont) is 22.47%.)

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, use the DuPont Identity to understand the difference between the two firms' ROEs.

a. The ROE calculated directly is

nothing%.

(Round to two decimal places.)