Sheridan Monograms sells stadium blankets that have been monogrammed with high school and university emblems. The blankets retail for $41 throughout the country to loyal alumni of over 4,200 schools. Sheridans variable costs are 43% of sales; fixed costs are $114,000 per month.

(a1)

Calculate contribution margin ratio. (Round ratio to 2 percentage places, e.g. 0.38 = 38%.)

Contribution margin ratio

%