Nancy Martinez manages all the magazines and paperback books at a local grocery store. She prices paperbacks to sell at $7.99. The cost to the store is $5.29. What is the markup rate on a paperback book, based on its cost?

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1. Nancy Martinez manages all the magazines and paperback books at a local grocery store. She prices paperbacks to sell at $7.99. The cost to the store is $5.29. What is the markup rate on a paperback book, based on its cost?