Wesley is selling 1200 guide books. He sold 60% of them at $8 each, 40% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2416. Find the cost price of a guide book.
| Price |
$8 |
$6 |
Cost Price |
| Percent |
60% |
40% |
| |
|
16% |
24% |
| Number |
720 |
192 |
Not needed |
| Amount collected |
$5760 |
$1152 |
Not needed |
Number of guide books sold at $8
= 60% x 1200
=
60100 x 1200
= 720
Price after 25% discount
= 75% x 8
=
75100 x 8
= $6
Remaining guide books
= 1200 - 720
= 480
Number of guide books sold at $6
= 40% x 480
=
40100 x 480
= 192
Number of guide books sold at $8 or 25% discount
= 720 + 192
= 912
Total amount collected from the sale of 720 guide books
= 720 x 8
= $5760
Total amount collected from the sale of the other 192 guide books
= 192 x 6
= $1152
Total amount collected from the sale of guide books sold at $8 or 25% discount
= 5760 + 1152
= $6912
Cost price of 912 guide books
= 6912 - 2416
= $6384
Cost price of 1 guide book
= 6384 ÷ 912
= $7
Answer(s): $7
