Calculate return on equity. (LO 6)

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 totaled \(\$ 449,999\) (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 total 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' equity in your calculation.