The following data are provided for Croatia Corp.s last two fiscal years:

			Dec 31, 2021		Dec 31, 2020
	Cumulative preferred shares, $5, no par value,
	4,000 shares outstanding		$200,000		$200,000
	Common shares, no par, 24,000 shares outstanding		400,000		310,000
	Retained earnings (post closing)		480,000		430,000
	Net income		180,000

Additional information: On May 1, 2021, 6,000 common shares were issued. Although dividends had been declared regularly up to December 31, 2020, preferred dividends were NOT declared during 2021. The market price of the common shares was $100 at December 31, 2021.

To the nearest percent, the rate of return on common shareholders equity for 2021 is:

20%.

18%.

22%.

23%.