Question

8. 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

let original cost price = x
profit = 35% of x = 0.35x
selling price = cost price + profit = x + 0.35x = 1.35x

ATQ, 1.35x = 670 ==> x = 670/1.35

so x = 496.30

Answer 2

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