Selling Price after a 6% Markup is applied to an item that Cost $13.50

Given: Cost = $13.50,  Markup = 6%
Markup as a Decimal: 6% = 0.06
Formula:
Selling Price = Cost * (1 + Markup as a Decimal)
Selling Price = $13.50 * (1 + 0.06)
Selling Price = $13.50 * 1.06
Selling Price = $14.31
Notes:
Markup Amount = Selling Price – Cost = $14.31 – $13.50 = $0.81
Profit = Markup Amount = $0.81
Profit Margin =   =   = 0.0566 = 5.66%