During 2017, a company was financed entirely from its equity and reserves, and these combined to $1\,000\,000$. Its return on capital employed (ROCE) stood at $28\%$. On 1 January 2018, the company issued a $10\%$ debenture worth $300\,000$. Over 2018, operating profit rose by $20\%$. No dividends were distributed. What was the ROCE in 2018?
- A$19.1\%$
- B$20.9\%$
- C$23.4\%$
- D$25.8\%$