In evaluating the selling prices for products at her part-time retail job, Betty 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 $35. Her supervisor looked at the selling price and then told Betty the company paid $28 for the item. What markup percentage on cost is the company using to set its selling price? If the company instead used a 24% markup percentage on cost, what would the selling price have been? (Round selling price to 2 decimal places, eg. 15.25.) Markup percentage based on cost 96 Selling price