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| In the current year, Griffin, Inc., had $15 million in sales, while total fixed costs were held to $6 million. The firm’s total assets at year end were $20 million and the debt/equity ratio was calculated at 0.6. If the firm’s EBIT is $3 million, the interest on all debt is 9%, and the tax rate is 40%, what is the firm’s return on equity? A. 11.16% B. 14.4% C. 18.6% D. 24.0% |