Thread: [SOLVED] Correct Method To Get To Cost Price

1. [SOLVED] Correct Method To Get To Cost Price

Problem:
Jake sells his car for $3500. He makes 20% profit. What was the price Jake bought the car for? 2. Originally Posted by .Twilighted. If You Know The Answer, If You Could Please Show Your Steps Of Working?? Thanks. Problem: Jake sells his car for$3500. He makes 20% profit. What was the price Jake bought the car for?
$\displaystyle P+B=3500$

the percentage(interest) + the original price(base) = $3500 remember the to find the original price divide the percentage by the rate.$\displaystyle B=\frac{P}{R}$to find the percentage multiply rate by the original price$\displaystyle P=\frac{R}{B}\displaystyle P+B=3500$substitute P with R*B. interms of rate and base$\displaystyle R*B+B=3500\displaystyle 0.20*B+B\displaystyle 1.20B=3500\displaystyle B=\$2916.66$ original price

check

$\displaystyle \$2916.66*.20=583.33$= P$\displaystyle B+P=\$3500$

$\displaystyle \$2916.66+583.33=\$3499.99$ or $\displaystyle \$3500$this is how i solved it, the original price is$\displaystyle \$2916.66$

3. Wow.Thanks.
I Had Gotten $2916 First But I Had Just Played Around With Numbers And I Didn't Know The Way To Get To The Answer. Your Help Is Much Appreciated. Thanks!! 4. Originally Posted by .Twilighted. Wow.Thanks. I Had Gotten$2916 First But I Had Just Played Around With Numbers And I Didn't Know The Way To Get To The Answer.

Thanks!!
no problem.