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"ABC" Company has $110,000 of assets, and it uses only equity to finance its assets....

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"ABC" Company has $110,000 of assets, and it uses only equity to finance its assets. Its sales for the last year were $177,000, and its net income after taxes was $83,000. Stockholders recently voted in a new management team that has promised to lower costs and get the return on equity to 16%. What profit margin would "ABC" Company need in order to achieve the 16% ROE, holding everything else constant? Note: In writing the value of the new ROE, make sure to write in a decimal format (rounded to nearest 4 digits), and not as a percentage. For example, write 0.12 instead of 12%

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