The February 3, 2007 issue of Billboard reported on hefty markups by leading music merchants. Canadian Indies say they generally sell all products to independent distributors at between $8.00 and $9.50 per unit, which is then supplied to retailers at between $13.50 and $14.50. (a) What is the percent markup on cost for the lower price? (b) What is the percent markup on cost for the higher price? Round to the nearest hundredth percent.
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