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This year for the Fall period, your entire department was estimated to produce a gross margin of $618,750 because the expenses were estimated at $562,500.

This year for the Fall period, your entire department was estimated to produce a gross margin of $618,750 because the expenses were estimated at $562,500. The projected net profit for the period was set at 4.0%. What gross margin percentage was required to achieve the desired profit? (show work)

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