Simon is selling 700 guide books. He sold 60% of them at $8 each, 40% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2304. Find the cost price of a guide book.
| Price |
$8 |
$6 |
Cost Price |
| Percent |
60% |
40% |
| |
|
16% |
24% |
| Number |
420 |
112 |
Not needed |
| Amount collected |
$3360 |
$672 |
Not needed |
Number of guide books sold at $8
= 60% x 700
=
60100 x 700
= 420
Price after 25% discount
= 75% x 8
=
75100 x 8
= $6
Remaining guide books
= 700 - 420
= 280
Number of guide books sold at $6
= 40% x 280
=
40100 x 280
= 112
Number of guide books sold at $8 or 25% discount
= 420 + 112
= 532
Total amount collected from the sale of 420 guide books
= 420 x 8
= $3360
Total amount collected from the sale of the other 112 guide books
= 112 x 6
= $672
Total amount collected from the sale of guide books sold at $8 or 25% discount
= 3360 + 672
= $4032
Cost price of 532 guide books
= 4032 - 2304
= $2660
Cost price of 1 guide book
= 2660 ÷ 532
= $5
Answer(s): $5
