You have been asked to test the effectiveness of Ingo Corporation$$s control of manually approving all purchases over $$25,000.$ During the year, Ingo Corporation has made $1,000,000$ purchases, of which $3,000$ were over $$25,000.$ Jian Zhang, CPA, your supervisor, asked you to use a tolerable deviation rate of $4$ percent $($although she expects the rate to be only approximately $0\mathrm{.}75$ percent$)$ and a $5$ percent risk of assessing control risk too low. Use the following to determine the planned assessed level of control risk and the assessed level of control risk.