Problem:
At the beginning of the year, the net assets of Platinum & Steel Products were $334,500. The only transactions affecting stockholders' equity during the year were net income of $48,000 and dividends of $14,500.
Calculate Platinum & Steel Products's return on equity (ROE) for the year. (Round your answer to 1 decimal place.(e.g., 32.1))
Return on Equity = ?