### Corporation sold merchandise costing

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During 2010, Vaughn Corporation sold merchandise costing \$1,500,000 on an installment basis for \$2,000,000. The cash receipts related to these sales were collected as follows: 2010, \$800,000; 2011, \$700,000; 2012, \$500,000.

What is the rate of gross profit on the installment sales made by Vaughn Corporation during 2010?

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