Financial ratios are used to weigh and evaluate theoperating performance of the firm. Gilliam Corporation hassales in the amount of $2,400,000, total assets in the amount of$1,100,000 of which current assets equal $560,000, currentliabilities in the amount of $280,000, and net income equal$135,000. Determine the Gilliam Corporation's profit margin. (Note:profit margin = net income/sales)