k, so we need to know WHY the satellite is orbiting in its orbit...
the reason i can think of is that the satellite was launched at an correct velocity(orbital velocity) and therefore, it will orbit...if u dun understand me, u can think of it as Newton's idea where u shoot a cannon off a mountain, if the cannon is fast enough, the thing will orbit the earth and never come down...
the force(not in the original q's) acting between the satellite and earth can only be gravity, centripal force is is gravity.(think of it as holding a string and swing a weight attached to the end of it, centripal force on the weight is the string and in this case, its gravity, just cos its invisible, it still exist). There should only be one force acting on the satellite and thats gravity...if this isn't the case, the orbital velocity formula will be wrong