Tom is selling 1100 colouring books. He sold 75% of them at $10 each, 20% of the remainder at a discount of 30% and the rest at cost price. He made a profit of $2442. Find the cost price of a colouring book.
Price |
$10 |
$7 |
Cost Price |
Percent |
75% |
25% |
|
|
5% |
20% |
Number |
825 |
55 |
Not needed |
Amount collected |
$8250 |
$385 |
Not needed |
Number of colouring books sold at $10
= 75% x 1100
=
75100 x 1100
= 825
Price after 30% discount
= 70% x 10
=
70100 x 10
= $7
Remaining colouring books
= 1100 - 825
= 275
Number of colouring books sold at $7
= 20% x 275
=
20100 x 275
= 55
Number of colouring books sold at $10 or 30% discount
= 825 + 55
= 880
Total amount collected from the sale of 825 colouring books
= 825 x 10
= $8250
Total amount collected from the sale of the other 55 colouring books
= 55 x 7
= $385
Total amount collected from the sale of colouring books sold at $10 or 30% discount
= 8250 + 385
= $8635
Cost price of 880 colouring books
= 8635 - 2442
= $7040
Cost price of 1 colouring book
= 7040 ÷ 880
= $8
Answer(s): $8