) A company's net income for the year was $290,000. Stockholders' Equity was $1,300,000 at the end of the year, and $1,100,000 at the beginning of the year. What is the return on equity? (Round your final answer to two decimal places, X.XX%)
A) 12.08%
B) 26.36%
C) 24.17%
D) 22.31%
C) 24.17%
Explanation: net income/average stockholders' equity; ex: $290,000 / [($1,300,000 + $1,100,000) / 2] = 24.17%
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