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The following amounts were taken from the financial statements of Palmer Company for 2020: Total assets $800,000 Net sales 720,000 Gross profit 352,000 Net income

The following amounts were taken from the financial statements of Palmer Company for 2020:

Total assets $800,000

Net sales 720,000

Gross profit 352,000

Net income 126,000

Weighted average number of ordinary shares outstanding 90,000

Market price of ordinary shares $35

The profit margin for 2020 is:

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