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%

好，不错！