High Leverage (HL) and Low Leverage (LL) are two firms that are identical except of their capital structure which also affects their interest expense (higher leverage firms typically pay higher interest rates). Each firm has $2,200,000 in invested capital, $360,000 in earnings before interest and taxes (EBIT), and is in the 25% tax bracket. Firm HL has a debt-to-capital ratio of 58% and pays an 11% interest rate on its debt, while Firm LL has a debt-to-capital ratio of 48% and pays a 9% interest rate on its debt. What is the return on invested capital for HL and LL (it will be the same for both companies)? 11.98% (B) 12.27% 13.49% 14.73% 15.00%