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Spencer Inc. has the following information for the current year: Net income = $600; Net operating profit after taxes (NOPAT) = $500; Total assets =

Spencer Inc. has the following information for the current year: Net income = $600; Net operating profit after taxes (NOPAT) = $500; Total assets = $4,000; Short-term investments = $500; Stockholders equity = $2,000; Debt = $1,000; and Total net operating capital = $2500. What is the Return on invested capital (ROIC) for the current year?

a. 15.0%

b. 20.0%

c. 24.0%

d. 25.0%

e. 30.0%

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