A company has net income of $12.95 million. Stockholders' equity at the beginning of the year is $31.50 million and, at the end of the year, it is $44.45 million. The only change to stockholders' equity came from net income. The return on equity ratio is approximately: Multiple Choice
a. 0.33.
b. 0.34.
c. 1.05.
d. 6.49