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Flingen Inc. reveals the following information in their annual report for FY 2 0 2 3 Selected Income Statement Items: Sales $ 7 , 0

Flingen Inc. reveals the following information in their annual report for FY 2023
Selected Income Statement Items:
Sales $7,000,000
Cost of goods sold $6,200,000
Pretax earnings $1,000,000
Selected Balance Sheet Items:
Merchandise inventory $100,000
Total assets $2,000,000
What is Flingen's projected profit margin for 2024, assuming they plan to reduce cost of goods sold by 2.0% for the coming year while maintaining the same sales revenue? (Please round answer to nearest whole percentage).

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