Formula for the percentage of 2 different percentages

Good Morning,

I am having a problem figuring out a formula (which I guess should be fairly simple) for getting one percentage out of two different markups. For example, if I am manufacturing a widget for $4.56 and I want to increase the price by 4% for material, then increase the price by another 3% for labor, what formula can I create to find out one total percentage cost that would encompass both percentages?

For example:
$4.56 plus 4% = $4.7424

$4.7424 plus 3% = $4.884672

I need one formula to enter the 2 variables (4% and 3%) to come up with one percentage. Thank you.

do you mean

=1.04*1.03

which would yield 1.0712 -- which, applied to 4.56, would give you 4.884672