Provide best Answer A firm has a return on equity of 21 percent, a net profitmargin of 8.4 percent, and total equity of $675.1. What isthe net income?Round your answer to two decimal places.

Net Income CalculationThe formula for Return on Equity (ROE) is:ROE = (Net Income / Total Equity) ×…

Answered: A firm has a return on equity of 21…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 6P

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A firm has a return on equity of 21 percent, a net profit margin of 8.4 percent, and total equity of $675.1. What is the net income? Round your answer to two decimal places.