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John Amos is opening a women's ready-to-wear boutique. Sales have been estimated at $240,000. At that sales volume, expenses are expected to be $110,500. Reductions are planned as follows: markdowns-$10,000, shortages-$1,500. No employee or customer discounts are allowed. Alteration/workroom expenses are estimated at $4,800. If John wants to earn $16,500 profit, what must the initial markup percentage be?
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