Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units):

Sales$55,000

Variable expenses33,000

Contribution margin22,000

Fixed expenses14,960

Net operating income$7,040

13. Using the degree of operating leverage, what is the estimated percent increase in net operating income of a 5% increase in sales?(Round your intermediate calculations and final answer to 2 decimal places.)