Russell Securities has $125 million in total assets and its corporate tax rate is 40%. The company recently reported that its basic earning power (BEP) ratio was 42% and its return on assets (ROA) was 18%. What was the company's interest expense? (Answers are in millions.) $52.50 $30.00 $15.00 $75.00 $15.00

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.