The following financial statements relate to Magma Corporation: INCOME STATEMENT: 2008 ($ '000) 2009 ($ '000) Total revenue 242,500 367,700 Cost of goods sold (112,300) (197,500) Gross profit 130,200 170,200 Depreciation (12,900) (16,800) Salaries and wages (7,700) (8,100) Electricity (11,100) (13,500) Administrative expenses (13,200) (16,300) Marketing (17,200) (22,200) Operating lease payments (14,000) (17,100) Operating income 54,100 76,200 Interest income 2,900 3,100 Interest expense (2,100) (2,400) Income before taxes 54,900 76,900 Provision for income taxes (24,000) (23,000) Net income 30,900 53,900 BALANCE SHEET: 2008 ($ '000) 2009 ($ '000) Assets Long-term Assets Property, plant, and equipment 105,700 153,700 Investment in associates 68,600 80,600 Goodwill 47,100 54,100 Other long-term assets 38,500 44,500 Total Long-term Assets 259,900 332,900 Current Assets Inventory 4,900 6,200 Accounts receivable 5,300 7,500 Short-term marketable securities 6,200 8,300 Prepaid expenses 4,700 4,500 Cash 5,500 5,100 Total Current Assets 26,600 31,600 Total Assets 286,500 364,500 Shareholders Equity and Liabilities Shareholders Equity Common stock 100,000 100,000 10% Preferred stock 75,000 75,000 Retained earnings 31,000 42,500 Total Shareholders Equity 206,000 217,500 Liabilities Long-term debt 72,000 134,700 Current Liabilities Accounts payable 4,700 6,700 Accrued expenses 3,800 5,600 Total Current Liabilities 8,500 12,300 Total Shareholders Equity and Liabilities 286,500 364,500 Using the above information and assuming a tax rate of 40%, answer Question Magma Corporations gross profit margin for 2008 is closest to: