On December 31, Mercury Corporation has the following data available: Net Income $180,000 Interest expense 10,000 Total assets at the beginning of the year 810,000 Total assets at the end of the year 740,000 Total common stockholders' equity at the beginning of the year 520,000 Total common stockholders' equity at the end of the year 510,000 What is return on equity? (Round your final answer to two decimal places, X. XX%)

Mercury company

Net Income $180,000

Interest expense 10,000

Earnings before tax = $170,000

Total assets at the beginning of the year 810,000

Total assets at the end of the year 740,000

Total common stockholders' equity at the beginning of the year 520,000

Total common stockholders' equity at the end of the year 510,000

Return on equity = Net income divided by Shareholders equity

= $170,000 / $510,000

= 33.33%

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