Find below the Company's financial statements for year 2525.

Assets 12/31/2525

$4,350 Current Assets

+ $26,000 PP&E

_______________

= $30,350 Total

Liabilities & Equity 12/31/2525

$6,350 Debt

+ $24,000 Stockholders' Equity

_________________________

= $30,350 Total

Income, 1/1-12/31/2525

$173,000 Sales

- $164,800 Total Costs

___________________

= $8,200 Net Income

- $3,690 Dividends

_________________

= $4,510 New Retained Earnings

For 2526 the asset turnover and payoutratio will be constant. The price-to-earnings ratio, 16.7 at year-end 2525, is expected to equal 21.7 at year-end 2526. The number of shares outstanding is 12,000. The firm seeks maximum growth by relying on internal and external financing, such that the debt-to-equity ratio remains constant. For the shareholder that buys a share at year-end 2525 and holds the stock through year-end 2526, what is the rate of return?

ANSWER: 63.3%

**Will you please list the calculations step-by-step in detail of how they got to this answer?