Answer : The markup rate based on cost is 91.79747%.
We have
Selling price per jacket = $37.88
Cost per jacket = $19.75
[tex] Markup rate =[\frac{Selling Price - Cost}{Cost}] * 100 [/tex]
Substituting the values in the formula above we get,
[tex] Markup rate = [\frac{37.88-19.75}{19.75}] *100 [/tex]
[tex] Markup rate = [\frac{18.13}{19.75}] *100 [/tex]
[tex] Markup rate = 91.79746835 [/tex]%
