The following information is from Bluff Run Golf Courses. The company runs two courses and the July income statement for each course is shown below. What is the return on investment for the Black course? Round to 2 decimal places

	Blue course	Black Course
Total Revenue	$73,500	$95,000
Total expenses	$62,200	$79,100
Total assets (investment base)	$94,200	106,000
Cost of capital	11%	13%

Group of answer choices

12%

11.99%

6.67%

15%