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Cheng builds replica miniature cabinets. His costs for each cabinet are $33 each. A consultant tells Cheng that the average margin in his industry is
Cheng builds replica miniature cabinets. His costs for each cabinet are $33 each. A consultant tells Cheng that the average margin in his industry is 41%. Cheng currently sells the cabinets for $41, but thinks he should consider using the industry average margin as his target goal.
What should Cheng's Selling Price be to achieve his target margin?
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