Jim is able to sell a hand-carved statue for 670.00which was 35%profit over his cost.How much did the statu?
Jim is able to sell a hand-carved statue for 670.00 which was 35% profit over his cost. How much did the statue originally cost him?
This one has a fairly simple solution.
Jim's receiving 135% of his cost (cost plus 35%), therefore, you can simply divide the 670 that he's making by 1.35, giving an answer of 496.30.
To double check - a 35% profit on a 496.30 item is 496.30 x .35 or 173.70. Add the 173.70 profit to a 496.30 item and you've got your 670.00 final price.
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