MigMo Corp's financial statements contain the following information:

• Sales = $280mm
• Assets = $280mm
• Equity = $140mm
• ROE = 10%
• Current assets = $57mm

MigMo's goal is to have a net margin greater than 8%. Did the company achieve its goal?

• Yes, the firm's net margin was 10%
• Yes, the firm's net margin was 20%
• No, the firm's net margin was 7.22%
• No, the firm's net margin was less than 8%