This question is worth 2 points. XYZ Ltd. has:

Operating profits (EBIT) of $89.22 million

A tax rate of 35%

Net working capital of $126.18 million

Fixed assets of $287.78 million.

Equity of $200.00 million

Long-term debt of $213.96 million (no other debt)

Accounts Payable of $76.23 million

Deferred tax liability of $34.21 million

Calculate XYZs return on invested capital, or ROIC.

The return on invested capital is ______%. (Please show your work below and round to two decimal places.)