Archie is selling 900 guide books. He sold 50% of them at $8 each, 60% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2431. Find the cost price of a guide book.
Price |
$8 |
$6 |
Cost Price |
Percent |
50% |
50% |
|
|
30% |
20% |
Number |
450 |
270 |
Not needed |
Amount collected |
$3600 |
$1620 |
Not needed |
Number of guide books sold at $8
= 50% x 900
=
50100 x 900
= 450
Price after 25% discount
= 75% x 8
=
75100 x 8
= $6
Remaining guide books
= 900 - 450
= 450
Number of guide books sold at $6
= 60% x 450
=
60100 x 450
= 270
Number of guide books sold at $8 or 25% discount
= 450 + 270
= 720
Total amount collected from the sale of 450 guide books
= 450 x 8
= $3600
Total amount collected from the sale of the other 270 guide books
= 270 x 6
= $1620
Total amount collected from the sale of guide books sold at $8 or 25% discount
= 3600 + 1620
= $5220
Cost price of 720 guide books
= 5220 - 2431
= $6480
Cost price of 1 guide book
= 6480 ÷ 720
= $9
Answer(s): $9