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You have only the following information on Toro, Inc at year-end 2019: net income = $500,000, total debt - $12 million, and debt-to-equity - 60

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You have only the following information on Toro, Inc at year-end 2019: net income = $500,000, total debt - $12 million, and debt-to-equity - 60 percent. What is Toro's ROE for 2019? Hint: To estimate Total Equity use the Debt-to-equity Ratio - Total Debt / Total Equity

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