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Accelerated Logistics Provides the Following Information What Is the Company's Profit Margin Ratio? (Round Your Answer

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Accelerated Logistics provides the following information:  Operating income $1,600,000 Net sales $14,000,000 Average total assets $1,900,000 Management’s target rate of return 20%\begin{array} { | l | r | } \hline \text { Operating income } & \$ 1,600,000 \\\hline \text { Net sales } & \$ 14,000,000 \\\hline \text { Average total assets } & \$ 1,900,000 \\\hline \text { Management's target rate of return } & 20 \% \\\hline\end{array} What is the company's profit margin ratio? (Round your answer to two decimal places.)

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