The Sloan Corporation must invest $300,000 to produce and market 11,000 units of Product X each year. The company uses the absorption costing approach to cost-plus pricing described in the text to set prices for its products. Other cost information regarding Product X is as follows:

	Per Unit				Total
Direct materials	$	7.40
Direct labor	$	5.20
Variable manufacturing overhead	$	4.20
Fixed manufacturing overhead					$	57,200
Variable selling and administrative expenses	$	3.20
Fixed selling and administrative expenses					$	51,700

If Sloan Corporation requires a 20% return on investment, then the markup percentage on absorption cost for Product X (rounded to the nearest percent) would be: