Will is selling 1200 story books. He sold 75% of them at $12 each, 20% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2283. Find the cost price of a story book.
Price |
$12 |
$9 |
Cost Price |
Percent |
75% |
25% |
|
|
5% |
20% |
Number |
900 |
60 |
Not needed |
Amount collected |
$10800 |
$540 |
Not needed |
Number of story books sold at $12
= 75% x 1200
=
75100 x 1200
= 900
Price after 25% discount
= 75% x 12
=
75100 x 12
= $9
Remaining story books
= 1200 - 900
= 300
Number of story books sold at $9
= 20% x 300
=
20100 x 300
= 60
Number of story books sold at $12 or 25% discount
= 900 + 60
= 960
Total amount collected from the sale of 900 story books
= 900 x 12
= $10800
Total amount collected from the sale of the other 60 story books
= 60 x 9
= $540
Total amount collected from the sale of story books sold at $12 or 25% discount
= 10800 + 540
= $11340
Cost price of 960 story books
= 11340 - 2283
= $6720
Cost price of 1 story book
= 6720 ÷ 960
= $7
Answer(s): $7