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Consider this conversation between two work colleagues: Nancy: Hey Daniel, what did you say you needed these other selling prices for again? Daniel: I'm trying to figure out if my potential customers will be willing to pay what I want to charge for my clever upgrade to plastic storage containers. Nancy: Oh, wow, that sounds super exciting; thanks for including me in this analysis. Daniel: You just wait, Nancy. I'm going to make a dent in this market, and then we'll see who retires at age 45 ! Nancy gathered the following selling price information about other plastic storage containers on the market. Competitor 913 Plastic Containers with Lid $12, lid fits tightly but is not spill-proof $15, lid is spill-proof but snaps on loudly $10, lid just rests on top so is not tight-fitting However, without access to competitors' internal records, she could not determine their costs. Meanwhile, Daniel made note of his production costs and secretly smiled to himself as he thought about what a great idea he had. He wants to make plastic storage containers that have a locking lid. More than that, the lid locks quietly, so no one knows you're sneaking a treat from the container (yes, Daniel got busted stealing Nancy's famous chocolate cookies, and he vowed to fix this problem permanently). Here's his estimated costs to produce and sell one 913 plastic container with quiet, spill-proof lid: If Daniel determines that he needs to use a 40% markup on full cost to make this effort "worth it" for him, how much must he charge per container? Selling price Daniel realizes that with some time and production experience, he can reduce his DM and MOH costs by 40% each, but that will take at least a year to achieve. If he uses the same markup percentage as before, how much would the new selling price be in one year's time? If instead, Daniel keeps the selling price the same as determined in part (a) but also realizes these cost savings, what markup percentage would he be earning? (Round selling price to 2 decimal places, eg. 15.25 and markup percentage to 0 decimal places, e.g. 15\%.) Selling price $ Markup percentage %