Selling Price after a 20% Markup is applied to an item that Cost $70

Given: Cost = $70,  Markup = 20%
Markup as a Decimal: 20% = 0.2
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $70 * (1 + 0.2)
Selling Price = $70 * 1.2
Selling Price = $84
Notes:
Markup Amount = Selling Price – Cost = $84 – $70 = $14
Profit = Markup Amount = $14
Profit Margin =   =   = 0.1667 = 16.67%