Selling Price after a 60% Profit Margin is applied to an item that Cost $70

Given: Cost = $70,  Profit Margin = 60%
Profit Margin as a Decimal: 60% = 0.6
Formula:
Selling Price =  

Cost/ 1 – Profit Margin as a Decimal

Selling Price =  

$70/ 1 – 0.6

Selling Price =  

$70/ 0.4

Selling Price = $175
Notes:
Profit = Selling Price – Cost = $175 – $70 = $105
Markup Amount = Profit = $105
Markup Percentage =  

Markup Amount/ Cost

=  

$105/ $70

= 1.5 = 150%