Computing the Return on Equity Ratio
Given the following data, compute the 2010 return on equity ratio (expressed as a percentage with one decimal place).
| 2010 | 2009 |
Net income | $ 1,850,000 | $ 1,600,000 |
Stockholders’ equity | 10,000,000 | 13,125,000 |
Total assets | 24,000,000 | 26,000,000 |
Interest expense | 400,000 | 300,000 |
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