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
= [tex]\frac{(1.99-0.89)}{0.89} * 100[/tex]
= [tex]\frac{1.1}{0.89} * 100[/tex]
= 123.59
Therefore, the markup rate based on the cost, rounded to nearest tenth of a percent is 123.6%.
