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The following data relates to ABC Inc.outstanding. ABC Inc. only has common shares Total assets, December 31, year 1 124000 Total assets, December 31, year

The following data relates to ABC Inc.outstanding.

ABC Inc. only has common shares

Total assets, December 31, year 1 124000

Total assets, December 31, year 2 422000

Total liabilities, December 31, year 1 40000

Total liabilities, December 31, year 2 86000

Sales for year 2 1040000

Income for year 2 18000

Calculate the return on equity rate for year 2. Express your answer as a percentage and round your answer to two digits.

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