Myosot Company produces two models of a component, Model K-3 and Model P-4. The unit contribution margin for Model K-3 is $12; the unit contribution margin for Model P-4 is $20. Each model must spend time on a special machine. The firm owns two machines that provide 6,000 hours of machine time per year together. Model K-3 requires 24 minutes of machine time; Model P-4 requires 36 minutes of machine time. What is the amount of machine time for model K-3 in terms of percent of a machine hour?a. 12%
b. 24%
c. 36%
d. 40%
e. 66%