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A cutlery set was marked down 12.5%, making the sale price $48. At this sale price, the retailer made a 20% gross profit on

A cutlery set was marked down 12.5%, making the sale price $48. At this sale price, the retailer made a 20% gross profit on sales. Determine the percent markup on the regular selling price? [Hint: express M1 as a percentage of S1] 30 25 35 32.5

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