Primavera holdings has a profit margin of 25%, an asset turnover of 0.5 and financial leverage (asset to equity) of 1.5. Primavera has $20 billion in assets, half of which is in cash and marketable securities, assume that Primavera earns 3% after-tax return on cash and securities. What would Primavera's return on equity be if it paid out 90% of its cash and marketable securities as dividend to shareholders

a. negative

b. greater than 60%

c. between 40% and 60%

d. Between 0% and 20%

e. Between 20% and 40%