Jenson is selling 1200 novels. He sold 60% of them at $8 each, 30% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2463. Find the cost price of a novel.

Price	$8	$6	Cost Price
Percent	60%	40%
		12%	28%
Number	720	144	Not needed
Amount collected	$5760	$864	Not needed

Number of novels sold at $8
= 60% x 1200
= ⁶⁰₁₀₀ x 1200
= 720

Price after 25% discount
= 75% x 8
= ⁷⁵₁₀₀ x 8
= $6

Remaining novels
= 1200 - 720
= 480

Number of novels sold at $6
= 30% x 480
= ³⁰₁₀₀ x 480
= 144

Number of novels sold at $8 or 25% discount
= 720 + 144
= 864

Total amount collected from the sale of 720 novels
= 720 x 8
= $5760

Total amount collected from the sale of the other 144 novels
= 144 x 6
= $864

Total amount collected from the sale of novels sold at $8 or 25% discount
= 5760 + 864
= $6624

Cost price of 864 novels
= 6624 - 2463
= $6048

Cost price of 1 novel
= 6048 ÷ 864
= $7

Answer(s): $7