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See the following data from the financial statements of a firm in 2017 and 2018: 2017 Measure/Year ROCE 12.25% RNOA 15.25% NBC 3.25% Average NFO

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See the following data from the financial statements of a firm in 2017 and 2018: 2017 Measure/Year ROCE 12.25% RNOA 15.25% NBC 3.25% Average NFO (in millions) $600 Average CSE (in millions) $4,200 How much of the change in ROCE was due to the change in operating spread? a. 4.00% O b.-0.14% O c. 1.75% O d.-1.75% e, none of the above 2018 14.50% 13.50% 2.5% $2,600 $5,000 See the following data from the financial statements of a firm in 2017 and 2018: 2017 Measure/Year ROCE 12.25% RNOA 15.25% NBC 3.25% Average NFO (in millions) $600 Average CSE (in millions) $4,200 How much of the change in ROCE was due to the change in operating spread? a. 4.00% O b.-0.14% O c. 1.75% O d.-1.75% e, none of the above 2018 14.50% 13.50% 2.5% $2,600 $5,000

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