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Presented below is information from Solo Inc.'s financial statements: (In millions) Year 2 Year 1 Balance sheet Total assets $34,310 $32,754 Shareholders' equity 6,304 7,878
Presented below is information from Solo Inc.'s financial statements:
(In millions) | Year 2 | Year 1 | |
Balance sheet |
|
| |
| Total assets | $34,310 | $32,754 |
| Shareholders' equity | 6,304 | 7,878 |
Income statement |
|
| |
| Net sales | $35,372 | $35,034 |
| Net income | 4,330 | 3,930 |
During Year 2, the company paid preferred dividends totaling $1,440 million. How much is the rate of return Solo generated for its common shareholders during Year 2?
a.68.7%
b.45.8%
c.6.7%
d.12.2%
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