Dallas Products is a division of a major corporation. The following data are for the most recent year of operations:

Sales	$	37,080,000
Net operating income	$	3,108,960
Average operating assets	$	8,600,000
The company's minimum required rate of return		16	%

The division's margin used to compute ROI is closest to:

Multiple Choice

• 8.4%

• 23.2%

• 36.2%

• 31.6%