Question

At the outdoor market, Craig Wang sells string beans for $1.99 a pound. The beans cost $0.89 a pound to grow. What is the markup rate based on cost, to the nearest tenth of a percent?

Answer 1

Answer:

123.6%

Step-by-step explanation:

We are given,

the amount at which Craig sells string beans per pound = $1.99

the cost to grow beans per pound = $0.89

and we know the formula to find the markup percentage:

Markup Percentage = (selling price - cost) / cost * 100

= $\frac{(1.99-0.89)}{0.89} * 100$

= $\frac{1.1}{0.89} * 100$

= 123.59

Therefore, the markup rate based on the cost, rounded to nearest tenth of a percent is 123.6%.