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

123.6%

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

=
`((1.99-0.89))/(0.89) * 100`

=
`(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%.