Rahim is able to sell a hand-carved statue for $840 which was a 20% profit over his cost. How much did the statue originally cost him? Choose the correct choice from the following options
A) $496.30  B) $512.40  C) $555.40  D) $574.90  E) $700
Cost price = 840/120*100= 
<gadget id="calculator">840/120*100</gadget>
<output>700</output>
700   Answer : $700
<result>E</result>
Rahim is able to sell a hand-carved statue for $840 which was a 20% profit over his cost. How much did the statue originally cost him?