Pendant Publishing reported the following results for its Textbook Division: 
Pendant's target rate of return is 24% and the weighted average cost of capital is 14%. Its effective tax rate is 25%.
What is the Textbook Division's Return on Investment (ROI) ?
Definitions:
Letters Of Credit
Financial instruments issued by a bank guaranteeing a buyer's payment to a seller, within a specific timeframe, under specified conditions.
Material Terms
Essential conditions or clauses within a contract that significantly affect the performance obligations, the breach of which would substantially change the agreement's outcome.
Damages
Monetary compensation that a party is ordered to pay to another for harm or injury.
Negotiable Instrument
A written promise to pay a specified sum of money, payable either on demand or at a specific future date, with the document listing the name of the person who will make the payment.
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