Canal Tower is a division of Sounder Products. For the most recent year, Canal Tower had...

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Canal Tower is a division of Sounder Products. For the most recent year, Canal Tower had net income of $16,000,000. Included in income was interest expense of $1,200,000. The operation's tax rate is 40 percent. Total assets of Canal Tower are $225,000,000, current liabilities are $40,000,000, of which $35,000,000 are noninterest-bearing. How much is return on investment for Canal Tower? 7.4% 9.1% 8.0% 8.8% Canal Tower is a division of Sounder Products. For the most recent year, Canal Tower had net income of $16,000,000. Included in income was interest expense of $1,200,000. The operation's tax rate is 40 percent. Total assets of Canal Tower are $225,000,000, current liabilities are $40,000,000, of which $35,000,000 are noninterest-bearing. How much is return on investment for Canal Tower? 7.4% 9.1% 8.0% 8.8%