Jack is selling 1100 guide books. He sold 50% of them at $12 each, 60% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2473. Find the cost price of a guide book.
| Price |
$12 |
$9 |
Cost Price |
| Percent |
50% |
50% |
| |
|
30% |
20% |
| Number |
550 |
330 |
Not needed |
| Amount collected |
$6600 |
$2970 |
Not needed |
Number of guide books sold at $12
= 50% x 1100
=
50100 x 1100
= 550
Price after 25% discount
= 75% x 12
=
75100 x 12
= $9
Remaining guide books
= 1100 - 550
= 550
Number of guide books sold at $9
= 60% x 550
=
60100 x 550
= 330
Number of guide books sold at $12 or 25% discount
= 550 + 330
= 880
Total amount collected from the sale of 550 guide books
= 550 x 12
= $6600
Total amount collected from the sale of the other 330 guide books
= 330 x 9
= $2970
Total amount collected from the sale of guide books sold at $12 or 25% discount
= 6600 + 2970
= $9570
Cost price of 880 guide books
= 9570 - 2473
= $4400
Cost price of 1 guide book
= 4400 ÷ 880
= $5
Answer(s): $5
