Liam is selling 800 guide books. 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 $2417. Find the cost price of a guide book.
| Price |
$12 |
$9 |
Cost Price |
| Percent |
75% |
25% |
| |
|
5% |
20% |
| Number |
600 |
40 |
Not needed |
| Amount collected |
$7200 |
$360 |
Not needed |
Number of guide books sold at $12
= 75% x 800
=
75100 x 800
= 600
Price after 25% discount
= 75% x 12
=
75100 x 12
= $9
Remaining guide books
= 800 - 600
= 200
Number of guide books sold at $9
= 20% x 200
=
20100 x 200
= 40
Number of guide books sold at $12 or 25% discount
= 600 + 40
= 640
Total amount collected from the sale of 600 guide books
= 600 x 12
= $7200
Total amount collected from the sale of the other 40 guide books
= 40 x 9
= $360
Total amount collected from the sale of guide books sold at $12 or 25% discount
= 7200 + 360
= $7560
Cost price of 640 guide books
= 7560 - 2417
= $1920
Cost price of 1 guide book
= 1920 ÷ 640
= $3
Answer(s): $3
