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Which of the following statements is incorrect? 1. ROE equals ROA when a firm has no debt 2. Factors that affect ROE include profit margin,

Which of the following statements is incorrect?

	1.	ROE equals ROA when a firm has no debt
	2.	Factors that affect ROE include profit margin, asset turnover and growth rates
	3.	ROE will be higher than ROA when a firm utilizes debt,
	4.	none of the above; all are correct statements.

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