Illinois Company has budgeted the following costs for the production of its only product: 
Illinois Company has a target profit of $40,000.What is the average target markup percentage for setting prices as a percentage of total production costs?
Definitions:
Market Price
The current price level for transactions involving assets or services in a trade environment.
Market Price
The current exchange price for an asset or service in the marketplace.
Discount Rate
The interest rate used to determine the present value of future cash flows or to discount future obligations.
Maturity
The predetermined date on which a financial instrument, loan, or security reaches its final payment, at which point the principal amount must be repaid.
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