Is this example correct? Why or why not?

If a company had sales of $100 million and income of $20 million, the sales margin would be $20 divided by $100 or 20 percent. In this example well assign the firm invested capital of $350 million. The investment turnover ratio is sales divided by invested capital -- $100 divided by $350 -- or 29 percent. The ROI is sales margin divided by investment turnover -- or, in this example, 20 percent divided by 29 percent -- which equals 69 percent.