A company’s capital structure at December 2002 is as follows:
                                                                           $m
   Ordinary share capital                                     380
   Accumulated profits                                         120
                                                                           ——
                                                                           500
   8% Loan notes                                                 100
                                                                            ——
                                                                            600
                                                                            ——

The company’s income statement shows the following for the year ended 31 December 2002:
                                                                             $m
        Operating profit                                             40
         Interest paid                                                  8
                                                                             ——
                                                                              32
         Taxation                                                        10
                                                                              ——
                                                                               22
          Dividends paid                                              10
                                                                               ——
          Retained profit for year                                 12
                                                                               ——

What is the return on equity shareholders’ capital employed, using closing capital figures?

A   4·4%
B   2·4%
C   3·7%
D   5·8%

A 22/500 = 4·4%

多谢！

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D