12. Find below the Company's financial statements for year 2525 Balance Sheet, 12/31/2525 Income, 1/1 12/31/2525 $200,800 total costs $195,900 net income $4,900 dividends $1.810 new retained earnings $3,090 $4,650 Current assets $39.000 PP&E $43,650 Total assets $16,550 Debt $27,100 Stockholders' equity $43,650 Sales For 2526 the asset turnover (sales+total assets), net profit margin (=net income + sales), and payout ratio (dividends+net income) will be constant. The price-to-earnings ratio, 21.6 at year-end 2525, is expected to equal 28.1 at year-end 2526. The number of shares outstanding is 13550. The firm seeks maximum growth by relying on internal and external financing such that the debt-to-equity ratio remains constant. For the shareholder that buys a share at year-end 2525 and holds the stock through year-end 2526, what is the rate of return? a. 53.6% b. 44.3% c. 36.6% d. 48.8% e. 40.3%