The Hum Division of the Ho Company reported the following data for last year:

Net operating income	$	150,000
Interest expense	$	50,000
Tax expense	$	30,000
Stockholders' equity	$	200,000
Average operating assets	$	600,000
Minimum required rate of return		12	%

The return on investment (ROI) last year for the Hum Division was:

Multiple Choice

• 35%

• 75%

• 12%

• 25%