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? How do you find the answer to this?
You can use this equation with C equaling his cost.
C = 0.65 * 670
not quite.
the original cost was 670/1.35 = 496.30
Proof:
35% of 496.30 = 173.70
so profit percentage = 173.70/496.30 = 0.35 = 35%
Thanks, Reiny, for the correction.
To find the original cost of the statue, we need to work backwards using the given information.
Let's denote the original cost as "x".
We know that Jim sold the statue for a profit of 35% over his cost. This means the selling price is 135% of the original cost.
To calculate the selling price, we use the formula:
Selling price = Original cost + Profit
In this case, we have:
670 = x + 0.35x
To solve this equation, we first combine the like terms on the right-hand side of the equation:
670 = 1.35x
Next, we isolate "x" by dividing both sides of the equation by 1.35:
670/1.35 = x
Evaluating the expression on the left-hand side gives us:
x ≈ 496.30
Therefore, the original cost of the statue was approximately $496.30.