Selected data from the 2015 financial statements of KRJ Manufacturing are presented below. Calculate the return on equity for the year, presenting your answer in percentage terms, rounded to two decimal places. e.g. 20.00%.

Sales	$109,824
Gross profits	$53,355
Operating profits (EBIT)	$33,750
Earnings before taxes (EBT)	$22,250
Net profits	$19,737
Tax expense	8,008
Depreciation expense	$13,991
Total assets, Dec. 31, 2014	$81,924
Total assets, Dec. 31, 2015	$81,843
Total equity, Dec. 31, 2014	$40,100
Total equity, Dec. 31, 2015	$45,556
Cash flow from operations	$34,090