Flynn is selling 1000 story books. He sold 60% of them at $10 each, 30% of the remainder at a discount of 40% and the rest at cost price. He made a profit of $2176. Find the cost price of a story book.
| Price |
$10 |
$6 |
Cost Price |
| Percent |
60% |
40% |
| |
|
12% |
28% |
| Number |
600 |
120 |
Not needed |
| Amount collected |
$6000 |
$720 |
Not needed |
Number of story books sold at $10
= 60% x 1000
=
60100 x 1000
= 600
Price after 40% discount
= 60% x 10
=
60100 x 10
= $6
Remaining story books
= 1000 - 600
= 400
Number of story books sold at $6
= 30% x 400
=
30100 x 400
= 120
Number of story books sold at $10 or 40% discount
= 600 + 120
= 720
Total amount collected from the sale of 600 story books
= 600 x 10
= $6000
Total amount collected from the sale of the other 120 story books
= 120 x 6
= $720
Total amount collected from the sale of story books sold at $10 or 40% discount
= 6000 + 720
= $6720
Cost price of 720 story books
= 6720 - 2176
= $5760
Cost price of 1 story book
= 5760 ÷ 720
= $8
Answer(s): $8
