The records of Integrity Company include the following:

Average total assets	$3,500,000
Average total liabilities	1,220,000
Total revenue	4,580,000
Total expenses (including income tax)	4,100,000
Interest expense (included in total expenses)	90,000
Income tax rate 40

The return on assets (calculated using the modified method discussed in the text) is closest to:

Select one:

a. 18.3%.

b. 14.9%.

c. 14.7%.

d. 15.3%.