1. The selling price is the amount for which an item is sold to a buyer. 2. Generally, the selling price is calculated based on the cost price and the desired profit or markup. 3. The basic formula for selling price is: $$\text{Selling Price} = \text{Cost Price} + \text{Profit}$$ 4. If profit is given as a percentage of the cost price, then: $$\text{Profit} = \frac{\text{Profit Percentage} \times \text{Cost Price}}{100}$$ 5. Substitute to get: $$\text{Selling Price} = \text{Cost Price} + \frac{\text{Profit Percentage} \times \text{Cost Price}}{100} = \text{Cost Price} \times \left(1 + \frac{\text{Profit Percentage}}{100}\right)$$ 6. Alternatively, if the markup percentage is used (percentage of cost price added), the formula remains the same. Hence, the formula to determine the selling price is: $$\boxed{\text{Selling Price} = \text{Cost Price} \times \left(1 + \frac{\text{Profit Percentage}}{100}\right)}$$