Calculate return on equity.
Use the following data to calculate the return on equity for Mighty Motors (MM) Inc. At the beginning of 2008, MM's current assets totaled $57,855 (in millions), total assets to taled $449,999 (in millions), and total liabilities totaled $424,424 (in millions). For the year ended December 31, 2008, net income was $3,822 (in millions). At the end of 2008, the current assets were $62,397 (in millions) , total assets were $369,053 (in millions), and to tal liabilities were $361,960 (in millions). Mighty Motors has no preferred stock. Calculate the return on equity (ROE) for MM for 2008. Make sure you use average shareholders' eq uity in your calculation.