SOLUTION: If Jim sells a statue for $670 which is a 35% profit over cost, how much did the statue originally cost him? I've been out of school along time and now I need to study for a parap

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: If Jim sells a statue for $670 which is a 35% profit over cost, how much did the statue originally cost him? I've been out of school along time and now I need to study for a parap      Log On


   

Question 24696: If Jim sells a statue for $670 which is a 35% profit over cost, how much did the statue originally cost him? I've been out of school along time and now I need to study for a parapro standardized test and I have no clue how to set this problem up. Please Help!
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
Let c = Jim's cost for the statue
35% profit OVER cost could have been worded 35% profit PLUS cost. I find
that less confusing
(1 + .35) * c gives me c + (.35) * c which is Jim's cost plus his 35% profit
1.35 * c = 670
c = 670 / 1.35
c = 496.29
that's a strange answer. Maybe I messed up, but I think the method is OK