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A company currently prices a product at $500 and earns a 34% margin on the product. Last year 20,000 units were sold. The company is
A company currently prices a product at $500 and earns a 34% margin on the product. Last year 20,000 units were sold. The company is considering cutting the price of the product by 7% relative to the current level. Once the pricing change is implemented and assuming no change to variable costs, what will be the percent (%) margin for the product?
Group of answer choices
34%
31.6%
29%
27%
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