Excerpts from Dowling Company's December 31, 2018 and 2017, financial statements and key ratios are presented below (all numbers are in millions):

	2018				2017
Accounts receivable (net)	$	20			$	16
Net sales	$	115			$	100
Cost of goods sold	$	60			$	55
Net income	$	20			$	17
Inventory turnover		5.22
Return on assets		10.3	%
Equity Multiple		2.36

Dowling's 2018 profit margin is (rounded):