Dr$.$ Zhiva$$go Diagnostics Corporation's income statement for $20$X$1$ is as follows:

Sales $ $2,750,000$

Cost of goods sold $2,030,000$

Gross profit $ $720,000$

Selling and administrative expense $325,000$

Operating profit $ $395,000$

Interest expense $54,600$

Income before taxes $ $340,400$

Taxes $(30\%)102,120$

Income after taxes $ $238,280$

Compute the profit margin for $20$X$1.$