Flingen Inc. reveals the following information in their annual report for FY 2021 Selected Income Statement Items: Sales $9,000,000 Cost of goods sold $5,000,000 Pretax earnings $500,000 Selected Balance Sheet Items: Merchandise inventory $80,000 Total assets $2,000,000 What is Flingen's projected profit margin for 2022, assuming they plan to reduce cost of goods sold by 5.0% for the coming year while maintaining the same sales revenue? (Please round answer to nearest whole percentage).

10%

8%

9%

7%