Selling Price after a 100% Markup is applied to an item that Cost $500

Given: Cost = $500,  Markup = 100%
Markup as a Decimal: 100% = 1
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $500 * (1 + 1)
Selling Price = $500 * 2
Selling Price = $1,000
Notes:
Markup Amount = Selling Price – Cost = $1,000 – $500 = $500
Profit = Markup Amount = $500
Profit Margin =   =   = 0.5 = 50%