Question 3 Tamarisk, Inc. reported the following in its 2017 and 2016 income statements 2017 2016 Net sales Cost of goods sold Operating expenses Income tax expense Net income $135,000 $108,000 64,750 14,500 9,000 81,000 28,750 16,250 $9,000$19,750 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross profit rate Profit margin 6.6 18.2