Katie Ltd. reported net income of NT\($186,000\) during 2025 and paid dividends of NT\($26,000\) on ordinary shares. It also has 10,000 shares of 6%, NT\($100\) par value, non-cumulative preference shares outstanding and paid dividends of NT\($60,000\) on preference shares. Ordinary shareholders’ equity was NT\($1,200,000\) on January 1, 2025, and NT\($1,600,000\) on December 31, 2025

(amounts in thousands). The company’s return on ordinary shareholders’ equity for 2025 is:

a. 10.0%.

b. 9.0%.

c. 7.1%.

d. 13.3%.