Selected hypothetical comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions).

		2022		2021
Net sales		$4,950.2		$4,900.0
Cost of goods sold		3,900.9		4,000.9
Net income		55.0		190.9
Accounts receivable		65.0		104.4
Inventory		1,250.1		1,350.1
Total assets		2,850.0		3,150.0
Total common stockholders equity		910.3		1,070.2

Compute the following ratios for 2022.

What is the gross profit rate?