SOLUTION: To make a profit of 33 1/3 %, a bicycle must be sold for $240. what is the cost price of the bicyle?

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: To make a profit of 33 1/3 %, a bicycle must be sold for $240. what is the cost price of the bicyle?      Log On


   

Question 964325: To make a profit of 33 1/3 %, a bicycle must be sold for $240. what is the cost price of the bicyle?
Answer by macston(5194) About Me  (Show Source):
You can put this solution on YOUR website!
if $240 is a 33 1/3% profit, it is 133 1/3% the cost of the bicycle, so:
$240/1.3333=$180
ANSWER: The cost of the bicycle is $180.
CHECK:
(0.3333)($180)+$180=$240
$60+$180=$240
$240=$240