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I want to take a column that has cost (column I) and out beside that column have a column that shows the end price. My mark up is cost +12% or a 10.71% margin. When I do the formula I think for this (=I2*1.1071) the total doesn't come out right. The cost is $52.50 and the end price should be $58.80, but instead it's showing $58.12. What am I doing wrong?
The answer is quite simple, you need to multiply by your markup not your margin.
Multiply 52.5 by 112% and you'll get 58.8, like this:
TIP: in Excel you can use percent in formulas, like I did in the formula above.