White Tiger Electronics produces CD players using an automated assembly line process. The sales price is $300 per unit. The standard cost of CD players is $150 per unit (labor, $30; materials, $70; and overhead, $50). To achieve a 17 percent multifactor productivity improvement by reducing labor costs only, by what percentage must these costs be reduced? Round to two decimal places. 45.46 56.21 61.99 72.63