In evaluating the selling prices for products at her part-time retail job, Hecharim asked his supervisor how the company sets its prices. His supervisor told him it applies a steady markup percentage on each products cost. He selected a lightweight jacket off the rack and noted its selling price of $100. His supervisor looked at the selling price and then told Hecharim that the gross margin percentage is 60%. What markup percentage on cost is the company using to set its selling price? If the company instead used a 75% markup percentage on cost, what would the selling price have been?