Kienle Corporations Year 2 income statement appears below:

Income Statement
Sales	$	1,280,000
Cost of goods sold		800,000
Gross margin		480,000
Operating expenses		419,857
Net operating income		60,143
Interest expense		12,000
Net income before taxes		48,143
Income taxes (30%)		14,443
Net income	$	33,700

The companys total assets at the end of Year 2 amounted to $1,359,000 and at the end of Year 1 to $1,320,000. The companys return on total assets for Year 2 is closest to:

Multiple Choice

2.48%

3.14%

2.52%

3.10%