Selling Price after a 15% Markup is applied to an item that Cost $10

Given: Cost = $10,  Markup = 15%
Markup as a Decimal: 15% = 0.15
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $10 * (1 + 0.15)
Selling Price = $10 * 1.15
Selling Price = $11.50
Notes:
Markup Amount = Selling Price – Cost = $11.50 – $10 = $1.50
Profit = Markup Amount = $1.50
Profit Margin =   =   = 0.1304 = 13.04%