Problem 3-5 (Static) Profitability ratios [LO3-2] Elizabeth Tailors Incorporated has assets of $8,540,000 and turns over its assets 1.8 times per year. Return on assets is 16.5 percent. What is the firm's profit margin (returns on sales)? Note: Input your answer as a percent rounded to 2 decimal places. Profit margin %

Elizabeth Tallors Incorporated has assets of $8,540,000 and turns over its assets 1.8 times per year. Return on assets is 16.5 percent. What is the firm's profit margin (returns on sales)? Note: Input your answer as a percent rounded to 2 decimal places