Oneida Enterprises reported pre-tax operating income of $200 million last year and paid an effective tax rate of 38% on its taxable income; its net income was 120 million. The company also reported a book value of equity of $500 million at the start of the year, while its market capitalization was $700 million. The debt outstanding (in both book and market terms) at the start of the year was $250 million and the cash balance was $80 million. What after-tax return on invested capital did the company earn last year?