Return on equity midwest packaging's roe last year was only 3%; but its management has developed a new operating plan that calls for a debt-to-assets ratio of 55%, which will result in annual interest charges of $512,000. the firm has no plans to use preferred stock. management projects an ebit of $1,776,000 on sales of $16,000,000, and it expects to have a total assets turnover ratio of 3.5. under these conditions, the tax rate will be 35%. if the changes are made, what will be the company's return on equity? round your answer to two decimal places.