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A 70% markup on the selling price brought the selling price to $1400. What did the shopkeeper pay for the item and what was the markup?

I'm confused because it says selling price twice but seems to be referring to two different things. When I try to work the problem the way I learned it the problem won't solve. This is how I've been trying to solve this. Below I solved only for the purchase price.
Selling price=S, Purchase price=P, Markup=M. Also, M equals P times whatever percentage the problem dictates.
 
S=P+M
1400=P+0.7P
1400=1.7P
1400/1.7=P

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