Martin Company uses the absorption costing approach to cost$-$plus pricing. It is considering the introduction of a new product. To determine a selling price, the company gathered the following information:

Number of units to be produced and sold each year

Unit product cost

Estimated annual selling and administrative expenses

Estimated investment required by the company

Desired return on investment $($ROI$)$

Required:

Compute the markup percentage on absorption cost required to achieve the desired ROI.

Compute the selling price per unit.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

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