Assume a company provided the following information:

Return on equity	25%
Net income	$ 120,000
Stockholders equity, beginning of the year	$ 500,000
Total liabilities, end of the year	$ 150,000

The debt-to-equity ratio at the end of the year is closest to:

Multiple Choice

• 0.65.

• 0.27.

• 0.45.

• 0.33.