Pierre is selling 1000 fiction books. He sold 50% of them at $10 each, 20% of the remainder at a discount of 20% and the rest at cost price. He made a profit of $2297. Find the cost price of a fiction book.
| Price |
$10 |
$8 |
Cost Price |
| Percent |
50% |
50% |
| |
|
10% |
40% |
| Number |
500 |
100 |
Not needed |
| Amount collected |
$5000 |
$800 |
Not needed |
Number of fiction books sold at $10
= 50% x 1000
=
50100 x 1000
= 500
Price after 20% discount
= 80% x 10
=
80100 x 10
= $8
Remaining fiction books
= 1000 - 500
= 500
Number of fiction books sold at $8
= 20% x 500
=
20100 x 500
= 100
Number of fiction books sold at $10 or 20% discount
= 500 + 100
= 600
Total amount collected from the sale of 500 fiction books
= 500 x 10
= $5000
Total amount collected from the sale of the other 100 fiction books
= 100 x 8
= $800
Total amount collected from the sale of fiction books sold at $10 or 20% discount
= 5000 + 800
= $5800
Cost price of 600 fiction books
= 5800 - 2297
= $1800
Cost price of 1 fiction book
= 1800 ÷ 600
= $3
Answer(s): $3
