Excerpts from Dowling Company's December 31, 2018 and 2017, financial statements and key ratios are presented below (all numbers are in millions):

	2018				2017
Accounts receivable (net)	$	20			$	16
Net sales	$	115				100
Cost of goods sold	$	60				55
Net income	$	20				17
Inventory turnover		5.22
Return on assets		10.3	%
Equity Multiple		2.36

Dowling's return on equity for 2018 is (rounded):

		9%.
		24.3%.
		22%.
		17.4%.