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Firm Y has issued 500 million shares of stock at $1 par value and $200 million in additional paid in capital. Retained earnings are $5.6

Firm Y has issued 500 million shares of stock at $1 par value and $200 million in additional paid in capital. Retained earnings are $5.6 billion. What is the return on equity if net income is $1.1 billion?

17.5%

19.0%

19.6%

21.4%

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