Calculate NOPAT, invested capital, and ROI for Davenport Mills. For ROI, round to two decimal places.

Exercise $12\mathrm{.}8($LO$2)$ Excel Calculating ROI For fiscal year $2020,$ LaundryMate Products had income as follows:

Sales

$$55,000,000$

Less:

Cost of goods sold

$38,400,000$

Selling and administrative expense

$5,700,000$

Interest expense

$1,000,000$

Income before taxes

$9,900,000$

Less income taxes

$1,980,000$

Net income

$ $7,920,000$

Total assets were $$97,000,000,$ and noninterest$-$bearing current liabilities were $$3,200,000.$ The company has a required rate of return on invested capital equal to $10$ percent and a tax rate of $20$ percent.

Required

Calculate NOPAT, invested capital, and ROI for LaundryMate Products, and comment on the company$$s profitability. For ROI, round to two decimal places.