The following information (in $ millions) comes from the Annual Report of Saratoga Springs Co. for the year ending 12/31/2021: Year ended12/31/2021 Net sales $8,109
Cost of goods sold 4,927
Selling and administrative expense 2,069
Interest expense 576
Income before taxes 537
Net income 618
12/31/2021 12/31/2020
Cash and cash equivalents $1,135 $80
Receivables, net 1,170 824
Inventories 1,215 679
Land, buildings and equipment at cost, net
13,660 4,004
Total assets $17,180 $5,587
Total current liabilities $5,907 $2,369
Long-term debt 5,751 2,381
Total liabilities $11,658 $4,750
Total stockholders' equity $5,522 $837
Required:
Compute the return on equity for 2021, for Saratoga Springs Co. (Round your answer to 1 decimal place, e. g., 0.1234 as 12.3%.)
Return on equity%What will be an ideal response?