Based on the above table what are the ROICs for Companies a BNC respectively use the beginning youre invested capital not the average invested capital to calculate the roics

a. 18% 12% 19%

b. 19% 17% 21%

c. 18% 15% 20%

D. 19% 17% 24%

$ million Company A Company B Company C 120 130 2019 Income statement Operating profit Interest expense Earnings before taxes Taxes 100 0 0 (20) 120 (30) 90 100 (25) 75 110 (28) 82 Net income Marginal tax rate 25.0% 25.0% 25.0% 125 100 150 2018 Balance sheet Inventory Property, plant, and equipment Equity investments Total assets 400 400 50 365 0 0 525 550 515 50 50 0 Accounts payable Debt Equity Liabilities and equity 50 190 275 0 500 550 475 525 515