Companies X and Z have the same beginning-of-the-year book value of equity and the same tax rate. The companies have identical transactions throughout the year and report all transactions similarly except for one. Both companies acquire a 500,000 printer with a three-year useful life and a salvage value of 0 on 1 January of the new year. Company X capitalizes the printer and depreciates it on a straight-line basis, and Company Z expenses the printer. The following year-end information is gathered for Company X. Company XAs of 31 DecemberEnding shareholders' equity 20,000,000Tax rate 30%Dividends 0.00Net income 750,000.

Based on the information given, calculate company Z's return on equity using year end equity.