In evaluating the selling prices for products at her part-time retail job, Susan asked her supervisor how the company sets its prices. Her supervisor told her it applies a steady markup percentage on each product's cost. She selected a lightweight jacket off the rack and noted its selling price of $51. Her supervisor looked at the selling price and then told Susan the company paid $34 for the item. What markup percentage on cost is the company using to set its selling price? If the company instead used a 28% markup percentage on cost, what would the selling price have been? (Round selling price to 2 decimal places, e.g. 15.25.) Markup percentage based on cost 50 Selling price $ 38.76