Jack is selling 700 guide books. He sold 50% of them at $10 each, 60% of the remainder at a discount of 20% and the rest at cost price. He made a profit of $2285. Find the cost price of a guide book.
Price |
$10 |
$8 |
Cost Price |
Percent |
50% |
50% |
|
|
30% |
20% |
Number |
350 |
210 |
Not needed |
Amount collected |
$3500 |
$1680 |
Not needed |
Number of guide books sold at $10
= 50% x 700
=
50100 x 700
= 350
Price after 20% discount
= 80% x 10
=
80100 x 10
= $8
Remaining guide books
= 700 - 350
= 350
Number of guide books sold at $8
= 60% x 350
=
60100 x 350
= 210
Number of guide books sold at $10 or 20% discount
= 350 + 210
= 560
Total amount collected from the sale of 350 guide books
= 350 x 10
= $3500
Total amount collected from the sale of the other 210 guide books
= 210 x 8
= $1680
Total amount collected from the sale of guide books sold at $10 or 20% discount
= 3500 + 1680
= $5180
Cost price of 560 guide books
= 5180 - 2285
= $3920
Cost price of 1 guide book
= 3920 ÷ 560
= $7
Answer(s): $7