Larkspur, Inc. reported the following in its 2017 and 2016 income statements. 017 2016 $114,000 $91,200 2 Net sales Cost of goods sold68,500 54,750 Operating expenses 24,250 12,250 Income tax expense 13,7507,500 Net income $ 7,500 16,700 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g 52.7.) 2016 Gross profit rate Profit margin