Gabriel is selling 1100 magazines. He sold 75% of them at $12 each, 60% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2117. Find the cost price of a magazine.
| Price |
$12 |
$9 |
Cost Price |
| Percent |
75% |
25% |
| |
|
15% |
10% |
| Number |
825 |
165 |
Not needed |
| Amount collected |
$9900 |
$1485 |
Not needed |
Number of magazines sold at $12
= 75% x 1100
=
75100 x 1100
= 825
Price after 25% discount
= 75% x 12
=
75100 x 12
= $9
Remaining magazines
= 1100 - 825
= 275
Number of magazines sold at $9
= 60% x 275
=
60100 x 275
= 165
Number of magazines sold at $12 or 25% discount
= 825 + 165
= 990
Total amount collected from the sale of 825 magazines
= 825 x 12
= $9900
Total amount collected from the sale of the other 165 magazines
= 165 x 9
= $1485
Total amount collected from the sale of magazines sold at $12 or 25% discount
= 9900 + 1485
= $11385
Cost price of 990 magazines
= 11385 - 2117
= $1980
Cost price of 1 magazine
= 1980 ÷ 990
= $2
Answer(s): $2
