Galaxy United, Inc. 2009 Income Statement ($ in millions)
Net sales	$8,450
Less: Cost of goods sold	7,190
Less: Depreciation	420
Earnings before interest and taxes	840
Less: Interest paid	72
Taxable Income	768
Less: Taxes	269
Net income	$ 499

Galaxy United, Inc. 2008 and 2009 Balance Sheets ($ in millions)
	2008	2009			2008	2009
Cash	$ 120	$ 150		Accounts payable	$1,120	$1,130
Accounts rec.	940	780		Long-term debt	860	1,252
Inventory	1,480	1,530		Common stock	$3,200	$3,000
Sub-total	$2,540	$2,460		Retained earnings	530	728
Net fixed assets	3,170	3,650
Total assets	$5,710	$6,110		Total liab. & equity	$5,710	$6,110

What is the return on equity for 2009?

rev: 01_14_2016_QC_CS-37830

11 percent16 percent14 percent8 percent13 percent