Directly Compute Nonoperating Return with Negative NNO Selected balance sheet and income statement information from Amgen Inc. for 2018 follows ($ millio $8,394 8,954 560 Net income Net operating profit after tax (NOPAT) Net nonoperating expense (NNE) Average net operating assets (NOA) Average net nonoperating obligations (NNO) Average total equity Compute the following measures. 18,015 (856) 18.871 a. Return on equity = Net income/Average total equity Note: Round percentage to one decimal place (for example, enter 6.7% for 6.65559). 44.5 96 b. RNOA = NOPAT/Average NOA Note: Round percentage to one decimal place (for example, enter 6.7% for 6.655596). 49.7 96 c. Nonoperating return = ROE - RNOA Note: Round percentage to one decimal place (for example, enter 6.7% for 6.655596). (5.2) 96 d. NNEP = NNE/Average NNO Note: Round percentage to one decimal place (for example, enter 6.7% for 6.65559). (65.4) 96 e. Spread = RNOA - NNEP Note: Round percentage to one decimal place (for example, enter 6.7% for 6.655596). 0 96 f. FLEV = Average NNO/Average total equity Note: Round amount to two decimal places (for example, enter 6.78 for 6.77555). 0 g. ROE = RNOA + (Spread > FLEV) Note: Round percentage to one decimal place (for example, enter 6.7% for 6.65559). 0 96