Cabell Products is a division of a major corporation. Last year the division had total sales of $13,420,000, net operating income of $1,261,480, and average operating assets of $2,684,000. The company's minimum required rate of return is 15%.

The division's margin is closest to:

a. 9.4%

b. 47.0%

c. 62.7%

d. 20.0%