A company manufactures radios, which are sold at $1,600 per unit. The total cost is composed of 30% for direct materials , 40% for direct wages and 30% for overheads. An increase in material price by 30% and in wage rates by 10% is expected in the forthcoming year, as a result of which the profit at current selling price may decrease by 40% of the present profit per unit. You are required to prepare a statement showing current and future profit at present selling price. How much should selling price be increased to maintain the present rate of profit