The cost of the previous year's booths and prizes for Class Fun Day was $504. This year's cost of the prizes and booths increased by 8% from the cost of the previous year. Mark knew that the budget for the class day is $725.76. He claimed that 70% of the money will be spent on prizes and the booths. Use reasoning to explain how Mark's claim is incorrect. What percent of the money will be spent on the prizes and the booths?