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| Math Central | Quandaries & Queries |
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Question from Megan: My question is simple: "-Jim is able to sell a hand-carved statue for $650 which was a 35% profit over his cost. How much did it originally cost?" I don't even know where to start could you help? |
Hi Megan,
I would start by thinking
"If I knew his cost and I knew he wanted a profit of 35% of his cost, how much should he sell it for?"
That I can do. If his cost was C dollars and he wanted a profit of 35% of the cost then he would add 35% of C to arrive at the selling price. That is the selling price would be
C + 35% of C
which is
C + 0.35
C = 1.35 C
But you know the selling price is $650 so
1.35 C = 650.
Solve for C.
Penny
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