Meade Publications is a magazine publisher established in Southern California. Financial analysts are concerned about Meade's ability to generate positive returns as printed material becomes less popular than digital material. Financial analysts observe the following account balances from Meade to determine financial ratios:

Revenue ....................................................... $1,100,000

Expenses ......................................................... 700,000

Net income ....................................................... 350,000

Assets ............................................................. 625,000

Liabilities ........................................................ 175,000

Average equity ................................................. 600,000

Required:

Compute Meade's return on equity?