Hand Carved
March 31st, 2011
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?
A. $496.30
B. $512.40
C. $555.40
D. $574.90
E. $588.20
First you need to set up an equation. We know that $670 represents 135% of the cost to make the product. Let ‘c’ represent the cost to make the statue and we come up with an equation that looks like this:
670=1.35(c)
If you then divide 670 by 1.35 (to solve for c) you get:
496.296…=c
Since we’re dealing with money you round to the nearest penny, and you get $496.30=the cost of making the hand carved statue.
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