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A retailer with annual net sales of $2 million maintains a markup of 66.67% based on cost. Operating expenses average 35%. What are the retailer's

A retailer with annual net sales of $2 million maintains a markup of 66.67% based on cost. Operating expenses average 35%. What are the retailer's gross margin and net profit in dollars? [Hint: A Markup on Cost is equivalent to what Gross Profit Margin percentage?]

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