Leete Inc. reported the following results from last year's operations: Sales$14,000,000Variable expenses 9,660,000Contribution margin 4,340,000Fixed expenses 2,940,000Net operating income$ 1,400,000Last year's margin was closest to:
A. 31.0%
B. 10.0%
C. 20.0%
D. 79.0%
Answer: B
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