Will is selling 900 magazines. He sold 60% of them at $10 each, 60% of the remainder at a discount of 30% and the rest at cost price. He made a profit of $2411. Find the cost price of a magazine.
| Price |
$10 |
$7 |
Cost Price |
| Percent |
60% |
40% |
| |
|
24% |
16% |
| Number |
540 |
216 |
Not needed |
| Amount collected |
$5400 |
$1512 |
Not needed |
Number of magazines sold at $10
= 60% x 900
=
60100 x 900
= 540
Price after 30% discount
= 70% x 10
=
70100 x 10
= $7
Remaining magazines
= 900 - 540
= 360
Number of magazines sold at $7
= 60% x 360
=
60100 x 360
= 216
Number of magazines sold at $10 or 30% discount
= 540 + 216
= 756
Total amount collected from the sale of 540 magazines
= 540 x 10
= $5400
Total amount collected from the sale of the other 216 magazines
= 216 x 7
= $1512
Total amount collected from the sale of magazines sold at $10 or 30% discount
= 5400 + 1512
= $6912
Cost price of 756 magazines
= 6912 - 2411
= $7560
Cost price of 1 magazine
= 7560 ÷ 756
= $10
Answer(s): $10
