Selling Price after a 114.3% Markup is applied to an item that Cost $5.60

Given: Cost = $5.60,  Markup = 114.3%
Markup as a Decimal: 114.3% = 1.143
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $5.60 * (1 + 1.143)
Selling Price = $5.60 * 2.143
Selling Price = $12
Notes:
Markup Amount = Selling Price – Cost = $12 – $5.60 = $6.40
Profit = Markup Amount = $6.40
Profit Margin =   =   = 0.5333 = 53.33%