Question

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 1

The original cost was `$496.30`

Explanation:

This is an example of reverse percentage, where the final value is known, but not the original value which is `100496.3)`

The price of `$670` represents `135%` and we want to know the original price which is `100%`.

Use direct proportion to compare the costs to the percentage.

`x/100=670/135" "(larr"dollars")/(larr"percent")`

`x = (670xx100)/135`

`x= $496.30`