Selling Price after a 56.25% Markup is applied to an item that Cost $120

Given: Cost = $120,  Markup = 56.25%
Markup as a Decimal: 56.25% = 0.5625
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $120 * (1 + 0.5625)
Selling Price = $120 * 1.5625
Selling Price = $187.50
Notes:
Markup Amount = Selling Price – Cost = $187.50 – $120 = $67.50
Profit = Markup Amount = $67.50
Profit Margin =   =   = 0.36 = 36%