Glen is selling 500 guide books. He sold 50% of them at $10 each, 30% of the remainder at a discount of 30% and the rest at cost price. He made a profit of $2263. Find the cost price of a guide book.
| Price |
$10 |
$7 |
Cost Price |
| Percent |
50% |
50% |
| |
|
15% |
35% |
| Number |
250 |
75 |
Not needed |
| Amount collected |
$2500 |
$525 |
Not needed |
Number of guide books sold at $10
= 50% x 500
=
50100 x 500
= 250
Price after 30% discount
= 70% x 10
=
70100 x 10
= $7
Remaining guide books
= 500 - 250
= 250
Number of guide books sold at $7
= 30% x 250
=
30100 x 250
= 75
Number of guide books sold at $10 or 30% discount
= 250 + 75
= 325
Total amount collected from the sale of 250 guide books
= 250 x 10
= $2500
Total amount collected from the sale of the other 75 guide books
= 75 x 7
= $525
Total amount collected from the sale of guide books sold at $10 or 30% discount
= 2500 + 525
= $3025
Cost price of 325 guide books
= 3025 - 2263
= $1625
Cost price of 1 guide book
= 1625 ÷ 325
= $5
Answer(s): $5
