Ethan is selling 500 non-fiction books. He sold 60% 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 $2381. Find the cost price of a non-fiction book.
| Price |
$8 |
$6 |
Cost Price |
| Percent |
60% |
40% |
| |
|
8% |
32% |
| Number |
300 |
40 |
Not needed |
| Amount collected |
$2400 |
$240 |
Not needed |
Number of non-fiction books sold at $8
= 60% x 500
=
60100 x 500
= 300
Price after 25% discount
= 75% x 8
=
75100 x 8
= $6
Remaining non-fiction books
= 500 - 300
= 200
Number of non-fiction books sold at $6
= 20% x 200
=
20100 x 200
= 40
Number of non-fiction books sold at $8 or 25% discount
= 300 + 40
= 340
Total amount collected from the sale of 300 non-fiction books
= 300 x 8
= $2400
Total amount collected from the sale of the other 40 non-fiction books
= 40 x 6
= $240
Total amount collected from the sale of non-fiction books sold at $8 or 25% discount
= 2400 + 240
= $2640
Cost price of 340 non-fiction books
= 2640 - 2381
= $2040
Cost price of 1 non-fiction book
= 2040 ÷ 340
= $6
Answer(s): $6
