Xavier is selling 700 guide books. He sold 75% of them at $5 each, 40% of the remainder at a discount of 40% and the rest at cost price. He made a profit of $2360. Find the cost price of a guide book.
| Price |
$5 |
$3 |
Cost Price |
| Percent |
75% |
25% |
| |
|
10% |
15% |
| Number |
525 |
70 |
Not needed |
| Amount collected |
$2625 |
$210 |
Not needed |
Number of guide books sold at $5
= 75% x 700
=
75100 x 700
= 525
Price after 40% discount
= 60% x 5
=
60100 x 5
= $3
Remaining guide books
= 700 - 525
= 175
Number of guide books sold at $3
= 40% x 175
=
40100 x 175
= 70
Number of guide books sold at $5 or 40% discount
= 525 + 70
= 595
Total amount collected from the sale of 525 guide books
= 525 x 5
= $2625
Total amount collected from the sale of the other 70 guide books
= 70 x 3
= $210
Total amount collected from the sale of guide books sold at $5 or 40% discount
= 2625 + 210
= $2835
Cost price of 595 guide books
= 2835 - 2360
= $2975
Cost price of 1 guide book
= 2975 ÷ 595
= $5
Answer(s): $5
