Stonemaier Manufacturing Inc. has begun production on a new product. The primary cost of the product is direct materials with a cost of $1,050. Direct labor is estimated to be $285 per unit, overhead is estimated to be $120 per unit, and selling and administrative expenses are estimated to be $75 per unit. Stonemaier desires a profit of $480 per unit. ----------------------------- What is the required markup percentage on direct materials in order to achieve the desired profit? ((provide your answer in decimal format to two decimal places -->