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A GROSS MARGIN OF 4 8 . 4 % IS TARGETED BY THE HANDBAG DEPARTMENT. RETAIL REDUCTIONS ARE 1 2 % AND CASH DISCOUNTS EARNED

A GROSS MARGIN OF 48.4% IS TARGETED BY THE HANDBAG DEPARTMENT. RETAIL REDUCTIONS ARE 12% AND CASH DISCOUNTS EARNED ARE 3%. FIND THE INITIAL MARKUP PERCENTAGE.
Question 10 options:
51.3%
55%
52.9%
116%

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