In the 5-way DuPont deconstruction, which of the following would lead to a DECREASE in Return on Equity (ROE), all else being equal?

Group of answer choices

a refinancing existing debt at a lower interest rate

b an increase in leverage

c a decrease in the firm's cost of goods sold (COGS)

d an increase in sales using existing/available productive capacity

e an increase in the marginal tax rate for the firm