SOLUTION: 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?

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Question 203349: 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?
Answer by Earlsdon(6294) About Me  (Show Source):
You can put this solution on YOUR website!
Let x = the original cost.
Sales price = original price plus profit. The profit is 35% (0.35) of cost.
$670 = x+0.35x
$670 = (1.35)x Divide both sides by 1.35
$496.30 = x
Original cost was $496.30