Last year Vaughn Corp. had sales of $315,000 and a net income of $17,832, and its year-end assets were $210,000. The firm's total-debt-to-total-assets ratio was 15%. Based on the DuPont equation, what was Vaughn's ROE?

Select the correct answer.

a. 9.52%

b. 8.58%

c. 9.05%

d. 9.99%

e. 8.11%