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The company XYZ had ROE last year of only 1.2%, but management has developed a new operating plan designed to improve performance. The new plan calls for a debt ratio of 70%, which will result in interest charges of $344 million per year. Management also expects EBIT of $775 million on sales of $9.7 billion next year and it expects to have a total asset turnover of 2.1 as well. Under these conditions, the company's tax rate will be 24%. What will be their ROE? (Round your answer to three decimal places. For example, 1.23450 or 1.23463 will be rounded to 1.235 while 1.23448 will be rounded to 1.234)