Selling Price after a 150% Markup is applied to an item that Cost $70

Given: Cost = $70,  Markup = 150%
Markup as a Decimal: 150% = 1.5
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $70 * (1 + 1.5)
Selling Price = $70 * 2.5
Selling Price = $175
Notes:
Markup Amount = Selling Price – Cost = $175 – $70 = $105
Profit = Markup Amount = $105
Profit Margin =   =   = 0.6 = 60%