Luke is selling 700 fiction books. He sold 50% of them at $12 each, 30% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2132. Find the cost price of a fiction book.
| Price |
$12 |
$9 |
Cost Price |
| Percent |
50% |
50% |
| |
|
15% |
35% |
| Number |
350 |
105 |
Not needed |
| Amount collected |
$4200 |
$945 |
Not needed |
Number of fiction books sold at $12
= 50% x 700
=
50100 x 700
= 350
Price after 25% discount
= 75% x 12
=
75100 x 12
= $9
Remaining fiction books
= 700 - 350
= 350
Number of fiction books sold at $9
= 30% x 350
=
30100 x 350
= 105
Number of fiction books sold at $12 or 25% discount
= 350 + 105
= 455
Total amount collected from the sale of 350 fiction books
= 350 x 12
= $4200
Total amount collected from the sale of the other 105 fiction books
= 105 x 9
= $945
Total amount collected from the sale of fiction books sold at $12 or 25% discount
= 4200 + 945
= $5145
Cost price of 455 fiction books
= 5145 - 2132
= $5005
Cost price of 1 fiction book
= 5005 ÷ 455
= $11
Answer(s): $11
