3 02:51:29 Selected financial data from the June 30 year-end statements of Safford Company follow: Total assets Long-term debt (11% interest rate) Preferred shares. $100 par, 9% Total shareholders' equity Interest paid on long-term debt Net income $3,530,000 500,000 910,000 2,410,000 55,000 281,000 Total assets at the beginning of the year were $2,980,000; total shareholders' equity was $2,200,000. There has been no change in the preferred shares during the year. The company's tax rate is 30% Required: 1. Compute the return on total assets. (Round your answer to 1 decimal place.) Return on total assets