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Local Co. has sales of $10.6 million and cost of sales of $6.3 million. Its selling. general and administrative expenses are $530,000 and its research and development is $1.2 million. It has annual depreciation charges of $1.2 million and a tax rate of 25%. a. What is Local's gross margin? b. What is Local's operating margin? c. What is Local's net profit margin? a. What is Local's gross margin? Local's gross margin is \%. (Round to one decimal place.)