Minden Corporation estimates that the following costs and activity would be associated with the manufacture and sale of product A:

Number of units sold annually28,000Required investment$480,000Unit product cost$27Selling and administrative expenses$287,400

If the company uses the absorption costing approach to cost-plus pricing described in the text and desires a 11% rate of return on investment (ROI), the required markup on absorption cost for Product A would be closest to: