Vido DVD Company (Vido) manufactures portable DVD players. The company requires a 15% rate of return on its investments. To start up the business, an investment of $700,000 was required. General and administrative expenses total $550,000. Each year, the sales volume is equal to 25,000 DVD players, each with a unit product cost of $90. Assuming that the company uses the formula method, determine the markup percentage that Vido would apply in a cost-plus pricing scheme. Do not enter percentage signs or commas in the input boxes. Round your answer to 2 decimal places.

Markup Percentage: %