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Needham Pharmaceuticals has a profit margin of 5% and an equity multiplier of 1.5. Its sales are $110 million and it has total assets of

Needham Pharmaceuticals has a profit margin of 5% and an equity multiplier of 1.5. Its sales are $110 million and it has total assets of $50 million. What is its return on equity (ROE)? Do not round intermediate calculations. Round your answer to two decimal places.

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