Selling Price after a 7.8% Markup is applied to an item that Cost $111.56

Given: Cost = $111.56,  Markup = 7.8%
Markup as a Decimal: 7.8% = 0.078
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $111.56 * (1 + 0.078)
Selling Price = $111.56 * 1.078
Selling Price = $120.26
Notes:
Markup Amount = Selling Price – Cost = $120.26 – $111.56 = $8.70
Profit = Markup Amount = $8.70
Profit Margin =   =   = 0.0723 = 7.23%