Rodrigue SA reported the following financial statement data for the year ended 2007:

Average net operating assets

39,000

Net income

14,000

Cash flow from operating activity

17,300

Cash flow From investing activity

(12,400)

Rodrigue’s cash-flow-based accruals ratio in 2007 was closest to

a. -8.5%.

b. -19.1%.

c. 23.3%.