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Use the following information for ECE incorporated: Assets $200 million Shareholder Equity $100 million Sales $300 million Net Income $15 million Interest Expense $2 million

Use the following information for ECE incorporated:

Assets $200 million

Shareholder Equity $100 million

Sales $300 million

Net Income $15 million

Interest Expense $2 million

If ECE's return on assets (ROA) is 12%, then ECE's return on equity (ROE) is:

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