Math Help - Profits?

Question

A man can sell a hand carved statue for $670 with 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


I keep coming up with $435.5.
Help please and tell how you did it.

Why multiply by 1.35 instead of .35?

Answer 1

A good formula when dealing with percents is "is over of equals percent over 100". In this case, 670 *is* 135% *of* some number, but we don't know what that number is. The problem is set up like this:

670/x = 135/100
is/of =percent/100

so you cross multiply and come up with 67,000 = 135x
divide 67,000 by 135 and you get 496.30 when you round.

hope that helped!

Answer 2

The man is selling the item for $670, which is his cost PLUS 35%. So, 135% = $670. Divide the $670 by 1.35 and you will come up with one of the above answers.

Answer 3

You divide by 1.35 instead of .35 because the equation would be as follows:
x + 0.35x = 670

where x is the cost ... so the original cost (x) plus another 35 percent of cost(0.35x) equals the full charge (670)
hope that helps :)

Answer 4

a $496.30
I used process of elimination, multiplied 496.30*1.35
Another way is to divide 670 by 1.35

Answer 5

Price = P
Cost = C
Profit = C* 35%

P= C + .35C
P=1.35C
C=P/1.35= $670/1.35 = 496.30