Hagerman Corporation's most recent income statement appears below:

Sales (all on account)	$320,000
Cost of goods sold	180,000
Gross margin	140,000
Selling and administrative expense	52,000
Net operating income	88,000
Interest expense	22,000
Net income before taxes	66,000
Income taxes (30%)	19,800
Net income	$ 46,200

The beginning balance of total assets was $260,000 and the ending balance was $256,500. The return on total assets is: (Round your answer to 1 decimal place.)

34.1%

17.9%

23.9%

25.6%