I am looking for the correct answer to this financial accounting question with appropriate explanations. Lexon Tech has a profit margin of 8%, an equity multiplier of 2.2, andsales of $85 million. The company's total assets are $34 million.Calculate Return on Equity (ROE) using the DuPont formula.(Round your final answer to two decimal places.)

To calculate Return on Equity (ROE) using the Du pont formula, use this equation:ROE = Profit Margin…

Answered: Lexon Tech has a profit margin of 8%,…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 2P

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Lexon Tech has a profit margin of 8%, an equity multiplier of 2.2, and sales of $85 million. The company's total assets are $34 million. Calculate Return on Equity (ROE) using the DuPont formula. (Round your final answer to two decimal places.)