Ladle Corporation uses the absorption costing approach to cost-plus pricing described in the text to set prices for its products. Based on budgeted sales of 104,000 units next year, the unit product cost of a particular product is $47.60. The company's selling and administrative expenses for this product are budgeted to be $1,921,000 in total for the year. The company has invested $285,000 in this product and expects a return on investment of 14%. The markup on absorption cost for this product would be closest to: