Nasser Inc. reported the following results from last years operations:

Sales	$	12,600,000
Variable expenses		7,760,000
Contribution margin		4,840,000
Fixed expenses		3,706,000
Net operating income	$	1,134,000
Average operating assets	$	6,000,000

Last year's return on investment (ROI) was closest to:

Multiple Choice

• 9.0%

• 47.6%

• 18.9%

• 80.7%