(Answered) The phoenix company has the following resultsnet

Finance

The Phoenix Company has the following results:

Net Sales $7,000,000

Net Total Assets $5,000,000

Depreciation $200,000

Net Income $500,000

Long-Term Debt $2,500,000

Equity $1,800,000

Dividends $180,000

Compute Phoenix's ROE directly. Confirm this using the three components (ratios) combined in your computation.

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