Company reported the following amounts for July.

Sales	$240,000
Operating income	60,000
After-tax income	48,000
Operating assets, July 1	380,000
Operating assets, July 31	420,000

Test Companys required rate of return on all investments is 8%. The companys cost of capital is 6%. Total capital employed for July equaled $390,000.

Determine the return on investment (ROI) for July.