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Selected income statement and balance sheet data from Merck & Co f0or Year 9 are reproduced below MERCK & COMPANY INC Year 9 Selected Financial Data $ millions Income Statement Data Sales

Selected income statement and balance sheet data from Merck & Co. f0or Year 9 are reproduced below: MERCK & COMPANY, INC. Year 9 Selected Financial Data ($ millions) Income Statement Data Sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,120 Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Pretax income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,550 Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,650 Balance Sheet Data Current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,850 Fixed assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,250 Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,290 Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,860 Total liabilities & shareholders’ equity . . . . . . . . . . . . . . . . 7,250 Required: a. Calculate return on common equity for Year 9 using year-end amounts and assuming no preferred dividends. b.

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