Ryan is selling 1100 fiction books. He sold 50% of them at $10 each, 60% of the remainder at a discount of 30% and the rest at cost price. He made a profit of $2170. Find the cost price of a fiction book.
| Price |
$10 |
$7 |
Cost Price |
| Percent |
50% |
50% |
| |
|
30% |
20% |
| Number |
550 |
330 |
Not needed |
| Amount collected |
$5500 |
$2310 |
Not needed |
Number of fiction books sold at $10
= 50% x 1100
=
50100 x 1100
= 550
Price after 30% discount
= 70% x 10
=
70100 x 10
= $7
Remaining fiction books
= 1100 - 550
= 550
Number of fiction books sold at $7
= 60% x 550
=
60100 x 550
= 330
Number of fiction books sold at $10 or 30% discount
= 550 + 330
= 880
Total amount collected from the sale of 550 fiction books
= 550 x 10
= $5500
Total amount collected from the sale of the other 330 fiction books
= 330 x 7
= $2310
Total amount collected from the sale of fiction books sold at $10 or 30% discount
= 5500 + 2310
= $7810
Cost price of 880 fiction books
= 7810 - 2170
= $10560
Cost price of 1 fiction book
= 10560 ÷ 880
= $12
Answer(s): $12
