alance Sheet $($Millions of $$)2021$

Assets

Cash and securities $ $4,200$

Accounts receivable $17,500$

Inventories $20,300$

Total current assets $ $42,000$

Net plant and equipment $28,000$

Total assets $ $70,000$

Liabilities and Equity

Accounts payable $ $27,531$

Accruals $12,369$

Notes payable $5,000$

Total current liabilities $ $44,900$

Long$-$term bonds $9,000$

Total liabilities $ $53,900$

Common stock $3,864$

Retained earnings $12,236$

Total common equity $ $16,100$

Total liabilities and equity $ $70,000$

Income Statement $($Millions of $$)2021$

Net sales $ $112,000$

Operating costs except depreciation $104,160$

Depreciation $2,240$

Earnings before interest and taxes $($EBIT$)$ $ $5,600$

Less interest $840$

Earnings before taxes $($EBT$)$ $ $4,760$

Taxes $(25\%)1,190$

Net income $ $3,570$

Other data:

Shares outstanding $($millions$)500\mathrm{.}00$

Common dividends $($millions of $$)$ $$1,249\mathrm{.}50$

Int. rate on notes payable & L$-$T bonds $6\%$

Federal plus state income tax rate $25\%$

Year$-$end stock price $$85\mathrm{.}68$

What is the firm's return on invested capital? Do not round your intermediate calculations.

a$.26\mathrm{.}09\%$

b$.13\mathrm{.}95\%$

c$.11\mathrm{.}86\%$

d$.18\mathrm{.}60\%$

e$.16\mathrm{.}73\%$