Balance Sheet (Millions of $) Assets Cash and securities Accounts receivable Inventories Total current assets Net plant and equipment Total assets Liabilities and Equity Accounts payable Accruals Notes payable Total current liabilities Long-term bonds Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity 2019 $4,200 17,500 20,300 $42,000 $28,000 $70,000 $27,531 12,369 5,000 $44,900 $9,000 $53,900 $3,864 12,236 $16,100 $70,000 Income Statement (Millions of $) 2019 Net sales $112,000 Operating costs except depreciation 104,160 Depreciation 2,240 Earnings before interest and taxes (EBIT) $5,600 Less interest 840 Earnings before taxes (EBT) $4,760 Taxes 1,190 Net income $3,570 Other data: 500.00 Shares outstanding (millions) Common dividends (millions of $) $1249.50 6% Int rate on notes payable & L-T bonds Federal plus state income tax rate 25% Year-end stock price $68.54 Refer to Exhibit 4.1. What is the firm's ROE? Do not round your intermediate calculations. O a. 21.46% O b. 22.17% O c. 15.97% O d. 13.30% e. 13.84%