PI Equity (PIE) invested in a biotech company (BIO) with $5 million of EBITDA. PIE paid $35 million with 30% financed at a rate of 6% over three years with level monthly repayments. Assume BIO's EBITDA grows by 10% each year and they exit after three years at a multiple of 12 times EBITDA. Ignore tax benefits attributable to interest or amortization. The return on invested assets is closest to: