Albert is selling 1100 novels. He sold 75% of them at $12 each, 20% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2204. Find the cost price of a novel.

Price	$12	$9	Cost Price
Percent	75%	25%
		5%	20%
Number	825	55	Not needed
Amount collected	$9900	$495	Not needed

Number of novels sold at $12
= 75% x 1100
= ⁷⁵₁₀₀ x 1100
= 825

Price after 25% discount
= 75% x 12
= ⁷⁵₁₀₀ x 12
= $9

Remaining novels
= 1100 - 825
= 275

Number of novels sold at $9
= 20% x 275
= ²⁰₁₀₀ x 275
= 55

Number of novels sold at $12 or 25% discount
= 825 + 55
= 880

Total amount collected from the sale of 825 novels
= 825 x 12
= $9900

Total amount collected from the sale of the other 55 novels
= 55 x 9
= $495

Total amount collected from the sale of novels sold at $12 or 25% discount
= 9900 + 495
= $10395

Cost price of 880 novels
= 10395 - 2204
= $3520

Cost price of 1 novel
= 3520 ÷ 880
= $4

Answer(s): $4