Dylan is selling 1100 guide books. He sold 50% of them at $10 each, 20% of the remainder at a discount of 20% and the rest at cost price. He made a profit of $2426. Find the cost price of a guide book.
| Price |
$10 |
$8 |
Cost Price |
| Percent |
50% |
50% |
| |
|
10% |
40% |
| Number |
550 |
110 |
Not needed |
| Amount collected |
$5500 |
$880 |
Not needed |
Number of guide books sold at $10
= 50% x 1100
=
50100 x 1100
= 550
Price after 20% discount
= 80% x 10
=
80100 x 10
= $8
Remaining guide books
= 1100 - 550
= 550
Number of guide books sold at $8
= 20% x 550
=
20100 x 550
= 110
Number of guide books sold at $10 or 20% discount
= 550 + 110
= 660
Total amount collected from the sale of 550 guide books
= 550 x 10
= $5500
Total amount collected from the sale of the other 110 guide books
= 110 x 8
= $880
Total amount collected from the sale of guide books sold at $10 or 20% discount
= 5500 + 880
= $6380
Cost price of 660 guide books
= 6380 - 2426
= $1320
Cost price of 1 guide book
= 1320 ÷ 660
= $2
Answer(s): $2
