The year-end financial statements of Time Company reveal average shareholders' equity attributable to controlling interest of $828,910 thousand, net operating profit after tax of $48,032 thousand, net income attributable to the company of $29,068 thousand, and average net operating assets of $350,870 thousand.

The company's return on net operating assets (RNOA) for the year is:

Select one:

a. 42.3%

b. there is not enough information to calculate the ratio

c. 13.7%

d. 5.4%

e. 8.3%