SOLUTION: To make a profit of 33 ⅓ % on cost, a bicycle must be sold for $240. What is the cost price of the bicycle?

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Question 874885: To make a profit of 33 ⅓ % on cost, a bicycle must be sold for $240. What is the cost price of the bicycle?
Answer by reviewermath(1029) About Me  (Show Source):
You can put this solution on YOUR website!
Q:
To make a profit of 33 ⅓ % on cost, a bicycle must be sold for $240. What is the cost price of the bicycle?
A:
Let x = cost of the bicycle,
So x + x/3 = 240, multiply both sides by 3
3x + x = 720
4x = 720
x = 180
The cost of the bicycle is $180.