Excerpts from Dowling Company's December 31, 2016 and 2015, financial statements and key ratios are presented below (all dollar values are in millions):

	2016	2015
Accounts receivable (net)	$20	$16
Net sales	$160	70
Cost of goods sold	$81	66
Net income	$20	17
Inventory turnover	6.00
Return on asset	10.7%
Equity Multiple	2.40

Dowling's 2016 profit margin is