Given the following information for Blue Bell Company for last year:

Net sales (all on account)		$5,200,000
Cost of goods sold		2,080,000
Interest expense		240,000
Income tax expense		280,000
Net income		420,000
Income tax rate		40%
Total assets:
	January 1	$1,800,000
	December 31	2,400,000
Shareholders' equity (all common):
	January 1	1,500,000
	December 31	1,600,000
Current assets, December 31		700,000
Quick assets, December 31		400,000
Current liabilities, December 31		300,000
Net accounts receivable:
	January 1	200,000
	December 31	180,000
Inventory:
	January 1	210,000
	December 31	250,000

Refer to Exhibit 4-1. Blue Bell's return on assets for the year was

17.5%

31.4%

20.0%

26.9%