The Marshall Company has determined that its return on equity is 18.5%. Management is interested in the various components that went into this calculation. You are given the following information: Sales = $12 M, Return on Assets = 7.5% and Return on Sales = 4.5%. What percentage of the company's assets are financed by equity? (circle one answer, Rounded to the nearest whole percentage)

a) 24%

b) 37%

c) 41%

d) 53%