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Math Help - Please help w/ return on equity problem

  1. #1
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    Exclamation Please help w/ return on equity problem

    PLEASE HELP WITH THIS PROBLEM.. I HAVE TO SHOW ALL MY WORK AND I CAN'T FIGURE THIS OUT. I NEED SOMEONE TO WRITE IT OUT FOR ME. THANKS SOO MUCH..IF YOU COULD PLEASE HELP.
    OKAY HERE IT IS:



    THE NET INCOME FOR MOORE CORPORATION WAS 1,500,000 AND THE RETURN ON EQUITY WAS 21. WHAT IS THE AMOUNT OF EQUITY TO THE NEAREST DOLLAR?
    Last edited by shell26; March 14th 2010 at 01:44 PM.
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  2. #2
    Junior Member
    Joined
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    Quote Originally Posted by shell26 View Post
    PLEASE HELP WITH THIS PROBLEM.. I HAVE TO SHOW ALL MY WORK AND I CAN'T FIGURE THIS OUT. I NEED SOMEONE TO WRITE IT OUT FOR ME. THANKS SOO MUCH..IF YOU COULD PLEASE HELP.
    OKAY HERE IT IS:



    THE NET INCOME FOR MOORE CORPORATION WAS 1,500,000 AND THE RETURN ON EQUITY WAS 21. WHAT IS THE AMOUNT OF EQUITY TO THE NEAREST DOLLAR?
    Use this formula ROE = \frac{NI}{equity}

    So, 21 = \frac{1500000}{equity} Solve for equity.
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