Selling Price after a 6.5% Markup is applied to an item that Cost $56

Given: Cost = $56,  Markup = 6.5%
Markup as a Decimal: 6.5% = 0.065
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $56 * (1 + 0.065)
Selling Price = $56 * 1.065
Selling Price = $59.64
Notes:
Markup Amount = Selling Price – Cost = $59.64 – $56 = $3.64
Profit = Markup Amount = $3.64
Profit Margin =   =   = 0.061 = 6.1%