A company had $450,000 in assets, $250,000 in liabilities, and $200,000 in common equity at the beginning of the fiscal year. The company's management is projecting that net income for the current fiscal year will be $55,000 and common equity at the end of the fiscal year will be $210,000. How much will the company's return on equity be at the end of the fiscal year? *Source: Retired ICMA CMA Exam Questions. 12.2% 22.0% 26.8% 27.5%