Ian is selling 900 non-fiction books. He sold 60% of them at $5 each, 30% of the remainder at a discount of 40% and the rest at cost price. He made a profit of $2322. Find the cost price of a non-fiction book.
| Price |
$5 |
$3 |
Cost Price |
| Percent |
60% |
40% |
| |
|
12% |
28% |
| Number |
540 |
108 |
Not needed |
| Amount collected |
$2700 |
$324 |
Not needed |
Number of non-fiction books sold at $5
= 60% x 900
=
60100 x 900
= 540
Price after 40% discount
= 60% x 5
=
60100 x 5
= $3
Remaining non-fiction books
= 900 - 540
= 360
Number of non-fiction books sold at $3
= 30% x 360
=
30100 x 360
= 108
Number of non-fiction books sold at $5 or 40% discount
= 540 + 108
= 648
Total amount collected from the sale of 540 non-fiction books
= 540 x 5
= $2700
Total amount collected from the sale of the other 108 non-fiction books
= 108 x 3
= $324
Total amount collected from the sale of non-fiction books sold at $5 or 40% discount
= 2700 + 324
= $3024
Cost price of 648 non-fiction books
= 3024 - 2322
= $7776
Cost price of 1 non-fiction book
= 7776 ÷ 648
= $12
Answer(s): $12
