Selected data for Dalton Company for 2018 follows:

Earnings (net income)					$	97,800
Preferred stock (13,200 shares at $25 par, 4%)					$	330,000
Common stock (45,000 shares no par, market value $28)						255,000
Retained earnings						281,250
					$	866,250
Less: Treasury stock
Preferred (1,800 shares)	$	27,000
Common (1,800 shares)		12,000				39,000
Total stockholders equity					$	827,250

What is the return on equity? ___________