单选题 At the start of the year, a division has non-current assets of $4 million and makes no additions or disposals during the year. Depreciation is charged at a rate of 10% per annum on all non-current assets held at the end of the year.Working capital is $0·5 million at the start of the year although this is expected to increase by 20% by the end of theyear. The budgeted profit of the division after depreciation is $1·2m. What is the expected ROI of the division for the year, based on average capital employed?

A、 27.59%
B、 26.37%
C、 18.39%
D、 31.58%

【正确答案】 A

【答案解析】Working Opening capital employed: $4m + $0·5m = $4·5m Closing capital employed: ($4m x 0·9) + ($0·5 x 1·2) = $3·6m + $0·6 = $4·2m Average capital employed = $4·35m Profit after depreciation = $1·2m Therefore ROI = $1·2m/$4·35m = 27·59%