19. William Burris invested $100,000 in an Australian-based franchise, Rent Your Boxes, purchasing three territories in the Washington area. After finding out the company had gone bankrupt, he rallied 10 other franchisees to join him and created a new company, Rent Our Boxes. Assume Rent Our Boxes had net income of $39,602 with net sales of $293,585. What was its profit margin on net sales? (Round your answer to the nearest hundredth percent.)

Profit margin ______ %