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$12

Direct labour7

Variable manufacturing overhead14

Fixed manufacturing overhead$400,000

Variable selling and administrative expenses7

Fixed selling and administrative expenses150,000

The company has a desired ROI of 20%. It has invested assets of $22,400,000.

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