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The return on equity ratio is calculated as: a. dividends paid divided by the average book value of stockholders' equity. b. net income divided by

The return on equity ratio is calculated as:

a. dividends paid divided by the average book value of stockholders' equity.

b. net income divided by the average number of outstanding common shares.

c. dividends divided by the average number of total shares.

d. (net income less preferred dividends) divided by average common stockholders' equity.

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