Vaidev is selling 700 guide books. He sold 60% of them at $5 each, 40% of the remainder at a discount of 20% and the rest at cost price. He made a profit of $2418. Find the cost price of a guide book.
| Price |
$5 |
$4 |
Cost Price |
| Percent |
60% |
40% |
| |
|
16% |
24% |
| Number |
420 |
112 |
Not needed |
| Amount collected |
$2100 |
$448 |
Not needed |
Number of guide books sold at $5
= 60% x 700
=
60100 x 700
= 420
Price after 20% discount
= 80% x 5
=
80100 x 5
= $4
Remaining guide books
= 700 - 420
= 280
Number of guide books sold at $4
= 40% x 280
=
40100 x 280
= 112
Number of guide books sold at $5 or 20% discount
= 420 + 112
= 532
Total amount collected from the sale of 420 guide books
= 420 x 5
= $2100
Total amount collected from the sale of the other 112 guide books
= 112 x 4
= $448
Total amount collected from the sale of guide books sold at $5 or 20% discount
= 2100 + 448
= $2548
Cost price of 532 guide books
= 2548 - 2418
= $1596
Cost price of 1 guide book
= 1596 ÷ 532
= $3
Answer(s): $3
