The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise.

Accounts Payable	$7,700	Rent Expense	$8,400
Accounts Receivable	13,400	Equipment	115,500
Wages Payable	3,600	Furniture	30,800
Prepaid Expenses	1,700	Notes Payable (due 12/31/25)	49,000
Dividends	2,800	Accumulated Depreciation	14,630
Sales Revenue	153,650	Cash	36,400
Notes Payable (due 4/30/24)	1,400	Common Stock	28,000
Cost of Goods Sold	58,100	Goodwill	70,000
Loss on Sale of Equipment	4,900	Retained Earnings (1/1/23)	19,810
Inventory	13,300	Marketable Equity Securities	600
Advertising Expense	4,200	Depreciation Expense	14,630
Insurance Expense	2,800	Unearned Revenue	5,900

Determine the Profit Margin for 2023:

Select one:

a. 58.33%

b. 39.45%

c. 25.00%

d. 40.19%

e. 42.64%