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Rainbow Paints is discontinuing a line of paint that it purchased at $30 less 45%...

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Accounting

Rainbow Paints is discontinuing a line of paint that it purchased at $30 less 45% and 10% per 4-L pail. The stores overhead is 50% of cost, and normal operating profit is 30% of cost. If the manager of the store is prepared to accept a loss of one-quarter of the overhead expenses, what markdown rate can the store offer in order to clear out the paint? (Do not round intermediate calculations and round your final answer to 1 decimal place.)

Answer is not 6.4%

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