The income statement showed the following

Net income $91,000

Shareholder's equity

Beginning of year$787,500

End of year $829,500

What is the return of stockholder's equity?

a). 11.55%

b). 11.3%

c). 10.9%

d). 11.26% -answer

The answer to the question is 11.26%, however, I do not get that answer. If I use the formula below I get the following. Please explain.

Explanation: ROE + net earnings/total stockholders' equity x 100

91,000 / 787,500 * 100% = 11.55%

91,000 / 829.500 * 8 100% =10.97