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?
670 x 0.35 = 234.5
670 - 235.4 = 435.5 is the statue originally cost him
Ok Thanks.
Duh...it is wrong.
Cost*1.35=600
cost= 600/1.35
@ bob and gama - here are the choices:
$496.30
$512.40
$555.40
$574.90
$588.20
Which is the right one?
To find out how much the hand-carved statue originally cost Jim, we can use the concept of percent increase or profit.
Let's start by assuming that the original cost of the statue is represented by the variable "x".
According to the information provided, Jim sold the statue for a 35% profit over the original cost. This means that the selling price is equal to 100% (or 1) plus the percentage profit (35%).
To calculate the selling price, we can use the equation:
Selling Price = Original Cost + Profit
Substituting in the values:
$670 = x + 0.35x
Simplifying the equation, we combine like terms:
1.35x = $670
To isolate the value of x, we divide both sides of the equation by 1.35:
x = $670 / 1.35
Using a calculator, we can find that x is approximately $496.30.
Therefore, the original cost of the statue was approximately $496.30.