Selling Price after a 10% Markup is applied to an item that Cost $50

Given: Cost = $50,  Markup = 10%
Markup as a Decimal: 10% = 0.1
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $50 * (1 + 0.1)
Selling Price = $50 * 1.1
Selling Price = $55
Notes:
Markup Amount = Selling Price – Cost = $55 – $50 = $5
Profit = Markup Amount = $5
Profit Margin =   =   = 0.0909 = 9.09%