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Firms HD and LD are identical except for their level of debt and the interest rates they pay on debt--HD has more debt and pays a higher interest rate on that debt. Based on the data given below, what is the difference between the two firms' ROEs? (Answer by calculating HD's ROE and LD' ROE).

(Hint: You need to find Equity and NI of the two firms to obtain ROE (=NI/EQUITY))

Applicable to Both Firms			Firm HD's Data				Firm LD's Data
Assets	$200		Debt/Assets	50%			Debt /Assets	30%
EBIT	$40		Interest rate	12%			Interest rate	10%
Tax rate	35%

FIRM HD				FIRM LD
NI				NI
EQUITY				EQUITY
ROE				ROE