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This paper presents a Multiplicative Patchwork Method (MPM) for audio watermarking. The watermark signal is embedded by selecting two subsets of the host signal features and modifying one subset multiplicatively regarding the watermark data, whereas another subset is left unchanged. The method is implemented in wavelet domain and approximation coefficients are used to embed data. In order to have an error-free detection, the watermark data is inserted only in the frames where the ratio of the energy of subsets is between two predefined values. Also in order to control the inaudibility of watermark insertion, we use an iterative algorithm to reach a desired quality for the watermarked audio signal. The quality of watermarked signal is evaluated in each iteration using Perceptual Evaluation of Audio Quality (PEAQ) method. The probability of error is also derived for the watermarking scheme and simulation results prove the validity of the analytical derivations. Simulation results show that MPM is robust against various common attacks such as noise addition, filtering, echo, MP3 compression, etc. In comparison to the original patchwork method and its modified versions, and some recent methods, MPM provides more robustness and inaudibility of the watermark insertion.