The Gift Shop Purchased Four Sets of Block Brand Hand-Painted

Multiple Choice

The gift shop purchased four sets of Block brand hand-painted stemware expecting to sell all four at the list price of $24.99. Unfortunately, the demand for the stemware was not as high as the owner had anticipated. She was only able to sell one at this price. She reduced the price on the other three sets to $16.49 and was able to sell all three sets. Calculate her markdown percentage.

A) 0.34 percent
B) 2.78 percent
C) 3.43 percent
D) 27.8 percent
E) 34.2 percent