INCOME STATEMENT
Net Sales	$31,000,000
Cost of Goods Sold	$10,230,000
Gross Profit	$20,770,000
Depreciation Expense	$2,200,000
S&A Expenses	$1,088,000
Operating Income (EBIT)	$17,482,000
Interest Expense	$3,600,000
Income before Taxes	$13,882,000
Income Taxes (42%)	$5,830,440
Net Income	$8,051,560

Nordstrom Inc has the income statement shown above. What is the Net Profit Margin? Round your answers.

a) 46%

b) 39%

c) 26%

d) 29%