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Doonan Corporation has provided the following financial data from its balance sheet and income statement: Year...

Doonan Corporation has provided the following financial data from its balance sheet and income statement:

Year 2 Year 1
Total assets $ 1,489,000 $ 1,440,000
Stockholders' equity:
Common stock, $4 par value $ 360,000 $ 360,000
Additional paid-in capital $ 70,000 $ 70,000
Retained earnings $ 570,000 $ 550,000
Total stockholders' equity $ 1,000,000 $ 980,000
Interest expense $ 15,000
Income taxes (35%) $ 14,162
Net income $ 26,300

The market price of common stock at the end of Year 2 was $4.79 per share.

The company’s return on total assets for Year 2 is closest to:

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