Handle Fabrication is a division of a major corporation. Last year the division had total sales of $36,160,000, net operating income of $2,892,800,…

Handle Fabrication is a division of a major corporation. Last year the division had total sales of $36,160,000, net operating income of $2,892,800, and average operating assets of $8,000,000. The company’s minimum required rate of return is 12%.

Required:

What is the division’s return on investment (ROI)?