Jack is selling 800 story books. He sold 60% 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 $2456. Find the cost price of a story book.
| Price |
$12 |
$9 |
Cost Price |
| Percent |
60% |
40% |
| |
|
8% |
32% |
| Number |
480 |
64 |
Not needed |
| Amount collected |
$5760 |
$576 |
Not needed |
Number of story books sold at $12
= 60% x 800
=
60100 x 800
= 480
Price after 25% discount
= 75% x 12
=
75100 x 12
= $9
Remaining story books
= 800 - 480
= 320
Number of story books sold at $9
= 20% x 320
=
20100 x 320
= 64
Number of story books sold at $12 or 25% discount
= 480 + 64
= 544
Total amount collected from the sale of 480 story books
= 480 x 12
= $5760
Total amount collected from the sale of the other 64 story books
= 64 x 9
= $576
Total amount collected from the sale of story books sold at $12 or 25% discount
= 5760 + 576
= $6336
Cost price of 544 story books
= 6336 - 2456
= $2176
Cost price of 1 story book
= 2176 ÷ 544
= $4
Answer(s): $4
