The following condensed balance sheets were prepared for XYZ Ltd (in USD million). Balance Sheets 2019 2018 2017 Operating Assets 310 285 250 Operating Liabilities Financial Assets 40 20 85 Financial Liabilities Common Equity 350 305 2019 2018 50 35 140 120 160 150 350 305 2017 25 45 265 335 335 The income statements for 2019 and 2018 are as follows (in USD million): Sales 2019 500 475 25 Operating expenses (including taxes) Operating income Net financial income (expense) after tax Comprehensive income 2018 450 432 18 2 20 (5) 20 Required: a) Calculate return on beginning net operating assets (RNOA) for 2018 and 2019. (8 marks) b) Explain what determined the change in RNOA from 2018 to 2019. (8 marks) c) Calculate financial leverage for each year from 2017 to 2019. (9 marks) d) Explain why the change in ROE from 2018 to 2019 is considerably greater than the change in RNOA