SOLUTION: Hello, I'm Taylor Cohron and I can't figure ou the following math problem: A store sells a bike for 67.50. The profit is 35% of the cost. How much is the cost?

Question 149933: Hello, I'm Taylor Cohron and I can't figure ou the following math problem:
A store sells a bike for 67.50. The profit is 35% of the cost. How much is the cost?
Found 2 solutions by Earlsdon, Alan3354:
Answer by Earlsdon(6294) (Show Source): You can put this solution on YOUR website!
Taylor, recall that cost + profit = sales price. Let the original cost be x dollars, then the profit is 35% of x. (35% = 0.35)
The sale price of the bike is (x + 0.35x) dollars, and this, you are told, = $67.50.
So now you can set up the equation to solve for x.
x + 0.35x = $67.50 Add the terms on the left side.
1.35x = $67.50 Now divide both sides by 1.35
x = $50.00 This is the original cost of the bike.
Check:
$50.00 + 0.35($50.00) = $50.00 + $17.50 = $67.50
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
A store sells a bike for 67.50. The profit is 35% of the cost. How much is the cost?
------------------
A profit of 35% means they make that much more than they paid for it. If they buy something for $1.00 and sell it for $1.35, that's a profit of $0.35, which is 35% of the dollar.
So the selling price is 35% more than what they paid, or 1.35 times what they paid.
In this case, $67.50 = 1.35B (B is what they buy them for).
B = 6750/135
B = 5000, or $50.00
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