Suppose according to a March 3, 2012, EETimes.com article, Apple enjoyed a 61% gross margin on its iPad2 when it was first released in March 2011.

Given that the iPad2 sold for $640.00, what was the cost to make it, assuming the 61% gross margin? (Round answer to 2 decimal places, e.g. 0.38.)

Cost $249.60

In March 2012, the second year of production, the cost of producing an iPad2 fell to an estimated $244.51. What markup percentage would Apple need to use to maintain its $640.00 sales price? (Round answer to 1 decimal place, e.g. 25.2%.)

Markup percentage

% 161.8

If Apple had maintained the iPad's 61% gross margin after the cost decrease, what sales price would it have put on the iPad? (Round answer to 2 decimal places, e.g. 0.38.)

Sales price $