Local Co. has sales of $10.5 million and cost of sales of $5.5 million. Its selling, general and administrative expenses are $480,000 and its research and development is $1.4 million. It has annual depreciation charges of $1.2 million and a tax rate of 25%. a. What is Local's gross margin? b. What is Local's operating margin? c. What is Local's net profit margin?

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