Eric is selling 1100 guide books. He sold 50% of them at $10 each, 60% of the remainder at a discount of 40% and the rest at cost price. He made a profit of $2046. Find the cost price of a guide book.
| Price |
$10 |
$6 |
Cost Price |
| Percent |
50% |
50% |
| |
|
30% |
20% |
| Number |
550 |
330 |
Not needed |
| Amount collected |
$5500 |
$1980 |
Not needed |
Number of guide books sold at $10
= 50% x 1100
=
50100 x 1100
= 550
Price after 40% discount
= 60% x 10
=
60100 x 10
= $6
Remaining guide books
= 1100 - 550
= 550
Number of guide books sold at $6
= 60% x 550
=
60100 x 550
= 330
Number of guide books sold at $10 or 40% discount
= 550 + 330
= 880
Total amount collected from the sale of 550 guide books
= 550 x 10
= $5500
Total amount collected from the sale of the other 330 guide books
= 330 x 6
= $1980
Total amount collected from the sale of guide books sold at $10 or 40% discount
= 5500 + 1980
= $7480
Cost price of 880 guide books
= 7480 - 2046
= $6160
Cost price of 1 guide book
= 6160 ÷ 880
= $7
Answer(s): $7
