Management is considering issuing debt and using the proceeds to buy back equity. Based on the below noted information, what would be the return on equity after having issued the debt and bought back equity? (answer positive number with two decimals and no comma nor percentage sign, e.g. 12.35)

EBIT 301819

New debt (D) 2.000.000

Cost of debt (rd) 12.0%

Equity (before buy back) 4.000.000

Tax rate (Tc) 20.0%