Ahmed Corporation makes a mechanical stuffed alligator. The following information is available for Ahmed Corporation's expected annual volume of 500,000 units:

Per UnitTotal

Direct materials$15

Direct labour9

Variable manufacturing overhead12

Fixed manufacturing overhead$400,000

Variable selling and administrative expenses4

Fixed selling and administrative expenses130,000

The company has a desired ROI of 30%. It has invested assets of $23,300,000.

Using absorption-cost pricing,calculate the markup percentage. (Round answer to 2 decimal places, e.g. 15.25%.)