The owner of a small clothing store is adding a line of accessories. Based on industry averages for similar businesses, the following estimates have been made: Expenses....................37.8% Cash Discounts........... 4.5% Shortages...................2.7% Markdowns..................8.8% Employee Discounts......2.6% Alterations..................3.5% Profits........................7.7% Using these estimates, what would be the initial markup percentage required? Round your final answer to two decimal places. A. 2.69% B. 51.36% C. 39.00%