In 2017 a company was entirely financed by its equity and reserves which total $1000 000. Its return on capital employed (ROCE) was 28%. On 1 January 2018 the company issued a 10% debenture of $300 000. During 2018 the profit from operations increased by 20%. No dividends were paid. What was the ROCE for 2018? A 19.1% B 20.9% C 23.4% D 25.8%