Consider the following financial data from the past year for…

Consider the following financial data from the past year for this company. Annual sales $21,500,000 Net income 2,375,000 Cost of goods sold 13,500,000 Total assets 9,550,000 Inventory 1,975,000 Receivables 2,850,000 Compute the profit margin. Note: Round your answer to 3 decimal places.