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A caramel cake was offered for sale at $2.92 at West Store. At East Store, the regular selling price of a similar caramel cake was

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A caramel cake was offered for sale at $2.92 at West Store. At East Store, the regular selling price of a similar caramel cake was $3.42. What rate of markdown would East Store have to offer to sell the caramel cake at the same price as West Store? The rate of markdown is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

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