Albert is selling 500 fiction books. He sold 60% of them at $10 each, 60% of the remainder at a discount of 30% and the rest at cost price. He made a profit of $2017. Find the cost price of a fiction book.
| Price |
$10 |
$7 |
Cost Price |
| Percent |
60% |
40% |
| |
|
24% |
16% |
| Number |
300 |
120 |
Not needed |
| Amount collected |
$3000 |
$840 |
Not needed |
Number of fiction books sold at $10
= 60% x 500
=
60100 x 500
= 300
Price after 30% discount
= 70% x 10
=
70100 x 10
= $7
Remaining fiction books
= 500 - 300
= 200
Number of fiction books sold at $7
= 60% x 200
=
60100 x 200
= 120
Number of fiction books sold at $10 or 30% discount
= 300 + 120
= 420
Total amount collected from the sale of 300 fiction books
= 300 x 10
= $3000
Total amount collected from the sale of the other 120 fiction books
= 120 x 7
= $840
Total amount collected from the sale of fiction books sold at $10 or 30% discount
= 3000 + 840
= $3840
Cost price of 420 fiction books
= 3840 - 2017
= $3780
Cost price of 1 fiction book
= 3780 ÷ 420
= $9
Answer(s): $9
