The balance sheet and income statement shown below . Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over.

Balance Sheet (Millions of $)

Assets2018

Cash and securities$3,000

Accounts receivable15,000

Inventories18,000

Total current assets$36,000

Net plant and equipment$24,000

Total assets$60,000

Liabilities and Equity

Accounts payable$18,630

Accruals8,370

Notes payable6,000

Total current liabilities$33,000

Long-term bonds$9,000

Total liabilities$42,000

Common stock$5,040

Retained earnings12,960

Total common equity$18,000

Total liabilities and equity$60,000

Income Statement (Millions of $)

2018Net sales$84,000

Operating costs except depreciation78,120

Depreciation1,680

Earnings before interest and taxes (EBIT)$4,200

Less interest900

Earnings before taxes (EBT)$3,300

Taxes1,320

Net income$1,980

Other data:Shares outstanding (millions)500.00

Common dividends (millions of $)$693.00

Int rate on notes payable & L-T bonds6%

Federal plus state income tax rate40%

Year-end stock price$47.52

What is the firm's ROE?Do not round your intermediate calculations.