Marksman DVD Company (Marksman) manufactures portable DVD players. The company requires a 10% rate of return on its investments. To start up the business, an investment of $350,000 was required. General and administrative expenses total $700,000. Each year, the sales volume is equal to 45,000 DVD players, each with a unit product cost of $120. Assuming that the company uses the formula method, determine the markup percentage that Marksman would apply in a cost-plus pricing scheme.

Round answer to 2 decimal places

Markup percentage: ????