Mark and Maria Pharmaceutical Company had net income of $47,000 and owners' equity of $150,500. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operating costs, from its total revenue.

Owners' Equity

The residual interest in the assets of an entity after deducting liabilities, representing the ownership interest of shareholders or owners.

Investment

The allocation of resources, usually money, in the expectation of generating an income or profit.