The following information pertains to Carlton Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $36,745 Accounts receivable (net) 26,008 Inventory 34,072 Property, plant and equipment 233,708 Total Assets $330,533 Liabilities and Stockholders' Equity Current liabilities $58,691 Long-term liabilities 98,759 Stockholders' equity-common 173,083 Total liabilities and stockholders' equity $330,533 Income Statement Net Sales $81,448 Cost of goods sold 32,579 Gross margin 48,869 Operating expenses 24,301 Net income from operations $24,568 Interest expense 4,072 Net income $20,496 Number of shares of common stock 5,644 Market price of common stock $32 What is the rate earned on total assets for this company? Select the correct answer. 1.0% 7.4% 8.8% 3.1%