Just bottom one

6. Hedge funds and financial leverage Compared to mutual funds, hedge funds are "open," in terms of accepting additional investment: Suppose that Thompson Hedge Fund obtains and invests $2 of borrowed funds for every $1 of equity invested. In other words, it can invest $3 of assets for each $1 of equity. Also suppose that Thompson can achieve a 10% return on assets (ROA). Given this ROA, the retum on Thompson's equity investment is \%. Suppose that Thompson Hedge Fund obtains and invests $2 of borrowed funds for every $1 of equity invested. In other words, it can invest $3 of assets for each $1 of equity. However, suppose that Thompson suffers a 10% loss, or a 10% return on assets (RoA). Given this ROA, the return on Thompson's equity investment is