15. A fire has destroyed many of the financial records at Anderson Associates. You are assigned to piece together information to prepare a financial report. You have found that the firms return on equity is 12 percent and its liabilities-to-assets ratio is 0.40. What is its return on assets?

a. 4.90% b. 5.35% c. 6.60% d. 7.20% e. 8.40%