Jim is able to sell a hand-carved statue for $670 which was a 35% profit over his cost. How much did the statue originally cost him?
Solve 670 = 1.35 x (cost)
Cost = 670/1.35 = ?
To find out how much the hand-carved statue originally cost Jim, we can use the concept of profit percentage.
Let's assume the original cost of the statue is represented by 'x'.
According to the given information, Jim was able to sell the statue for $670, which was a 35% profit over his cost.
Profit percentage is calculated by dividing the profit by the cost and multiplying by 100. In this case, the profit percentage is 35%. Therefore, we can set up the equation:
35% of x = $670
To find the original cost, we need to multiply $670 by 100 and divide the result by 35:
0.35x = $670
To isolate 'x' and find the original cost, we can divide both sides of the equation by 0.35:
x = $670 / 0.35
Evaluating the expression:
x = $1914.29
Therefore, the hand-carved statue originally cost Jim approximately $1914.29.