[The following information applies to the questions displayed below.]

The condensed balance sheet and income statement for Marjoram Company are presented below.

MARJORAM COMPANY
Balance Sheet
At December 31, 2016
Cash	$	23,000
Temporary investments in marketable securities		37,000
Accounts receivable (net)		50,000
Merchandise inventory		73,000
Property, plant, and equipment (net)		290,000
Intangible assets		14,000
Total assets	$	487,000
Current liabilities	$	105,400
11% Bonds payable, long-term		140,000
Paid-in capital		78,000
Retained earnings		163,600
Total liabilities and equity	$	487,000

MARJORAM COMPANY
Income Statement
For the Year ended December 31, 2016
Sales	$	824,000
Cost of goods sold		462,400
Gross profit	$	361,600
Operating expenses		175,800
Operating income	$	185,800
Interest expense		15,400
Income before income taxes	$	170,400
Income taxes		51,120
Net income	$	119,280

Required:

Compute the return on shareholders' equity ratio for Marjoram Company. (Round your percentage answer to nearest whole percent.)