Selling Price after a 13% Markup is applied to an item that Cost $55.41

Given: Cost = $55.41,  Markup = 13%
Markup as a Decimal: 13% = 0.13
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $55.41 * (1 + 0.13)
Selling Price = $55.41 * 1.13
Selling Price = $62.61
Notes:
Markup Amount = Selling Price – Cost = $62.61 – $55.41 = $7.20
Profit = Markup Amount = $7.20
Profit Margin =   =   = 0.115 = 11.5%