Shown below is selected information from the financial statements of Noble Computers. (Dollar amounts are in millions, except for the per share data.)

Income statement information:

Net sales $3500

Cost of goods sold $1890

Operating expenses $675

Net income $115

Balance sheet information:

Average total equity $540

Average total assets $4400

Noble reported earnings per share for the year of $6 and paid cash dividends of $2.00 per share. At year-end, the Wall Street Journal listed Noble's capital stock as trading at $81 per share.

Noble's return on assets was:

37%

26%

2.6%

21%