Figure 19-2
the Following Results for the Year Pertain to the Northern

Multiple Choice

Figure 19-2
The following results for the year pertain to the Northern Division of Garvey Ltd.: $\begin{array}{lr}\text { Sales } & £ 400,000 \\\text { Taxes } & 60,000 \\\text { Operating income after taxes } & 160,000\end{array}$
-Refer to Figure 19-2. If Northern's average operating assets are £1,200,000 and their minimum required rate of return is 12 per cent, what is the Northern Division's return on investment?

A) 33.3%
B) 18.3%
C) 13.3%
D) 12.0%