A GROSS MARGIN OF $48\mathrm{.}4\%$ IS TARGETED BY THE HANDBAG DEPARTMENT. RETAIL REDUCTIONS ARE $12\%$ AND CASH DISCOUNTS EARNED ARE $3\%.$ FIND THE INITIAL MARKUP PERCENTAGE.

Question $10$ options:

$51\mathrm{.}3\%$

$55\%$

$52\mathrm{.}9\%$

$116\%$