Question 7 of 8 View Policies Show Attempt History Current Attempt in Progress Teal Mountain Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31,2024 , there were 34,300 common and 980 preferred shares issued. The common shares had been issued at an average per share amount of $10; the preferred shares at $105. The balance in the Retained Earnings account on January 1,2024 , was $281,260. During 2024 , the company had profit of $122,500 and declared a total of $73,500 of dividends, of which $55,125 was paid during the year. Calculate return on equity for 2024. Assume there were no changes in the Common Shares and Preferred Shares accounts during the year. (Round answer to 2 decimal places, eg. 15.75\%.) Return on equity %