The Moose Hardware Company had net income of $60,000 and owners' equity of $316,090. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)

Rate of Return on Investment

A measure of the profitability and efficiency of an investment, calculated by dividing the investment's gain by its cost.

Owners' Equity

refers to the owner's interest in the assets of a business after all liabilities have been deducted.

Net Income

The profit remaining after all expenses, taxes, and costs have been subtracted from total revenue.