Lee is selling 700 fiction books. He sold 60% of them at $10 each, 20% of the remainder at a discount of 20% and the rest at cost price. He made a profit of $2255. Find the cost price of a fiction book.
| Price |
$10 |
$8 |
Cost Price |
| Percent |
60% |
40% |
| |
|
8% |
32% |
| Number |
420 |
56 |
Not needed |
| Amount collected |
$4200 |
$448 |
Not needed |
Number of fiction books sold at $10
= 60% x 700
=
60100 x 700
= 420
Price after 20% discount
= 80% x 10
=
80100 x 10
= $8
Remaining fiction books
= 700 - 420
= 280
Number of fiction books sold at $8
= 20% x 280
=
20100 x 280
= 56
Number of fiction books sold at $10 or 20% discount
= 420 + 56
= 476
Total amount collected from the sale of 420 fiction books
= 420 x 10
= $4200
Total amount collected from the sale of the other 56 fiction books
= 56 x 8
= $448
Total amount collected from the sale of fiction books sold at $10 or 20% discount
= 4200 + 448
= $4648
Cost price of 476 fiction books
= 4648 - 2255
= $952
Cost price of 1 fiction book
= 952 ÷ 476
= $2
Answer(s): $2
