Cabell Products is a division of a major corporation. Last year the division had total sales of $23,170,000, net operating income of $1,668,240, and average operating assets of $5,097,400. The companys minimum required rate of return is 19%. The divisions margin is closest to:

a. 7.2%

b. 32.7%

c. 37.9%

d. 22.0%