Balance Sheet $($Millions of $$)$

Assets

$2021$

Cash and securities

$$3,000$

Accounts receivable

$15,000$

Inventories

$18,000$

Total current assets

$$36,000$

Net plant and equipment

$$24,000$

Total assets

$$60,000$

Liabilities and Equity

Accounts payable

$$17,160$

Accruals

$9,240$

Notes payable

$6,000$

Total current liabilities

$$32,400$

Long$-$term bonds

$$12,000$

Total liabilities

$$44,400$

Common stock

$$3,900$

Retained earnings

$11,700$

Total common equity

$$15,600$

Total liabilities and equity

$$60,000$

Income Statement $($Millions of $$)$

$2021$

Net sales

$$66,000$

Operating costs except depreciation

$61,380$

Depreciation

$1,320$

Earnings before interest and taxes $($EBIT$)$

$$3,300$

Less interest

$1,080$

Earnings before taxes $($EBT$)$

$$2,220$

Taxes $(25\%)$

$555$

Net income

$$1,665$

Other data:

Shares outstanding $($millions$)$

$500\mathrm{.}00$

Common dividends $($millions of $$)$

$$582\mathrm{.}75$

Int. rate on notes payable & L$-$T bonds

$6\%$

Federal plus state income tax rate

$25\%$

Year$-$end stock price

$$39\mathrm{.}96$

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Refer to Exhibit $4\mathrm{.}1.$ What is the firm's ROA? Do not round your intermediate calculations.