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Rogers Inc. had 600,000 shares of $3 par common stock outstanding at the end of both 2013 and 2014. Retained earnings at the end of
Rogers Inc. had 600,000 shares of $3 par common stock outstanding at the end of both 2013 and 2014. Retained earnings at the end of 2013 amounted to $3,240,000. No dividends were paid during 2014, and net income for the year was $870,000. Determine Rogers' return on stockholders' equity for 2014.
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