Oneida Enterprises reported pre-tax operating income of $100 million last year and paid an effective tax rate of 40% on its taxable income; its net income was 50 million. The company also reported a book value of equity of $300 million at the start of the year, while its market capitalization was $400 million. The debt outstanding (in both book and market terms) at the start of the year was $150 million. What after-tax return on invested capital did the company earn last year?

a.

13.33%

b.

20%

c.

12%

d.

25%

e.

16.67%