Xavier is selling 700 fiction books. He sold 75% of them at $8 each, 20% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2092. Find the cost price of a fiction book.
Price |
$8 |
$6 |
Cost Price |
Percent |
75% |
25% |
|
|
5% |
20% |
Number |
525 |
35 |
Not needed |
Amount collected |
$4200 |
$210 |
Not needed |
Number of fiction books sold at $8
= 75% x 700
=
75100 x 700
= 525
Price after 25% discount
= 75% x 8
=
75100 x 8
= $6
Remaining fiction books
= 700 - 525
= 175
Number of fiction books sold at $6
= 20% x 175
=
20100 x 175
= 35
Number of fiction books sold at $8 or 25% discount
= 525 + 35
= 560
Total amount collected from the sale of 525 fiction books
= 525 x 8
= $4200
Total amount collected from the sale of the other 35 fiction books
= 35 x 6
= $210
Total amount collected from the sale of fiction books sold at $8 or 25% discount
= 4200 + 210
= $4410
Cost price of 560 fiction books
= 4410 - 2092
= $5600
Cost price of 1 fiction book
= 5600 ÷ 560
= $10
Answer(s): $10