Mark is selling 600 textbooks. He sold 75% of them at $8 each, 20% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2462. Find the cost price of a textbook.
Price |
$8 |
$6 |
Cost Price |
Percent |
75% |
25% |
|
|
5% |
20% |
Number |
450 |
30 |
Not needed |
Amount collected |
$3600 |
$180 |
Not needed |
Number of textbooks sold at $8
= 75% x 600
=
75100 x 600
= 450
Price after 25% discount
= 75% x 8
=
75100 x 8
= $6
Remaining textbooks
= 600 - 450
= 150
Number of textbooks sold at $6
= 20% x 150
=
20100 x 150
= 30
Number of textbooks sold at $8 or 25% discount
= 450 + 30
= 480
Total amount collected from the sale of 450 textbooks
= 450 x 8
= $3600
Total amount collected from the sale of the other 30 textbooks
= 30 x 6
= $180
Total amount collected from the sale of textbooks sold at $8 or 25% discount
= 3600 + 180
= $3780
Cost price of 480 textbooks
= 3780 - 2462
= $4320
Cost price of 1 textbook
= 4320 ÷ 480
= $9
Answer(s): $9