Nielsen's Has Annual Sales of $352,400 and a Profit Margin

Nielsen's has annual sales of $352,400 and a profit margin of 5.2 percent. The firm has beginning owners' equity of $136,400 and ending owners' equity of $139,900. The firm neither sold nor repurchased shares during the year. What is the firm's retention ratio?

A) 26.87 percent
B) 40.00 percent
C) 36.67 percent
D) 19.10 percent
E) 23.33 percent