Missoula Inc. reported the following selected financial statement data:

	Dec 31, 2020				Dec 31, 2021
Cash	$	35,000			$	39,500
Accounts receivable (net)		53,000				62,000
Inventory		73,000				77,000
Plant assets (net)		215,000				228,000
Total assets		420,000				405,000
Liabilities		150,000				150,000
Shareholders' equity		270,000				255,000
Net sales		345,000				410,000
Cost of goods sold		225,000				290,000
Net income		25,000				28,290

Required: Compute the profit margin on sales for 2021. (Round your answer to 2 decimal places.