Selling Price after a 50% Markup is applied to an item that Cost $45

Given: Cost = $45,  Markup = 50%
Markup as a Decimal: 50% = 0.5
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $45 * (1 + 0.5)
Selling Price = $45 * 1.5
Selling Price = $67.50
Notes:
Markup Amount = Selling Price – Cost = $67.50 – $45 = $22.50
Profit = Markup Amount = $22.50
Profit Margin =   =   = 0.3333 = 33.33%