The following question is based on the Pro-Forma Income Statement of Cinoflex, Inc. in millions of dollars.
Item 2017 2018 2019 2020 2021 2022
Sales $75.000 $88,538 $103,234 $119.777 $138,149 $158.526
Cost of Goods Sold ($34,000) $40,467 ($47,351) $55,279 $64,167 ($74,119)
Gross Profit $41.000 $48.071 $55.883 $64.498 $73.982 $84.407
Sales and Marketing Expense ($11,250) $14.579 ($18.582) ($23.356) $27.630 ($31.705)
Administrative Expense ($13,500) $13,254 ($15.485) ($16.769) ($17.969) ($20.608)
EBITDA $16,250 $20.238 $21.816 $24.373 $28.393 $32.094
Depreciation ($5,500) $5,450 $5,405 $6,865 $7.678 $7,710
Interest Expense $75 $6.800 $6.800 $6.800 $7.820 $8.160
Pre-Tax Income $10.675 $7.988 $9,611 $10.708 $12,895 $16,223
Income Tax ($3,736) $2,796 $3,364 $3,748 $4,513 $5,678
Net Income
What is the after-tax net income in 2020 stated as a percentage of sales?
A) 4.9%
B) 7.4%
C) 2.8%
D) 5.8%