WILMINGTON CORPORATION Balance Sheet Current Assets Dec. 31, Year 7 Dec. 31, Year 6 Cash and cash equivalents $519,159 $274,579 Marketable securities 166,106 187,064 Accounts receivable (net) 232,548 260,190 Inventories 382,044 352,022 Prepaid expenses 49,832 22,958 Other current assets 83,053 85,029 Total Current Assets 1,432,742 1,181,842 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,384,962 $2,232,263 Current Liabilities Short-term borrowings $306,376 $170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 228,700 257,631 Accrued liabilities 246,292 150,285 Income taxes payable 87,962 161,020 Total Current Liabilities 1,024,330 907,355 Long-term debt 500,000 300,000 Deferred income taxes 193,515 236,164 Total Liabilities 1,717,845 1,443,519 Common stock $425,250 $125,000 Additional paid-in capital 356,450 344,335 Retained earnings 885,417 319,409 Total Stockholders' Equity 1,667,117 788,744 Total Liabilities and Stockholders' Equity $3,384,962 $2,232,263 Selected Income Statement Data for the year ending December 31, Year 7 Net sales Cost of goods sold $4,885,340 Selling expenses Operating income Interest expense Earnings before income taxes Income tax expense Net income (2,978,182) (884,685) 1,022,473 (55,240) 967,233 (401,225) $566,008 Selected Statement of Cash Flow Data for the year ending December 31, Year 7 Cash flows from operations Capital expenditures $1,310,476 $745,862 Selected Statement of Cash Flow Data for the year ending December 31, Year 7 Cash flows from operations Capital expenditures $1,310,476 $745,862 Required What was Wilmington Corporation's return on net operating assets (RNOA) in Year 7? Assume a statutory tax rate of 37%. Select one: a. 48.9% b. 41.3% c. 62.7% d. 64.9%