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At the end of the current year, Chestnut Inc. reported the following information:
| Sales | $450,000 |
| Operating income | $150,000 |
| Average total assets | $520,000 |
| Average stockholders' equity | $330,000 |
Calculate the profit margin of Chestnut. (Round the answer to two decimal places.)
a.26.50%
b.33.33%
c.42.25%
d.53.45%
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