<br/>The following are selected account balances for Charlie Company’s

operations for the FY ended December 31, 2016. (All balances are normal):
Accounts
Amount
Net Sales
$100,500
Administrative Expenses
22,000
Selling Expenses
12,000
Cost of Goods Sold
46,000
Interest Expense
2,000
Income Tax Expense
1,000
Prepaid Expenses
$5,000
Interest Receivable
$1,000
What is the Gross Profit Margin ratio for the year 2016? (Enter the value as a percentage rounded to one decimal place. Example, 0.105134 would be entered as 10.5%)