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U KNO, Inc. uses only debt and common equity funds to finance its assets. This past year the firm's return on total assets was 11%.

U KNO, Inc. uses only debt and common equity funds to finance its assets. This past year the firm's return on total assets was 11%. The firm financed 45% percent of its assets using debt. What was the firm's return on common equity? (Round your answer to two decimal places and state it in percentage form.) 26.82% 24.44% 22.47% 20.00% 17.95%

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