Ahmad is selling 700 story books. He sold 75% of them at $8 each, 40% of the remainder at a discount of 25% and the rest at cost price. He made a profit of $2237. Find the cost price of a story book.
Price |
$8 |
$6 |
Cost Price |
Percent |
75% |
25% |
|
|
10% |
15% |
Number |
525 |
70 |
Not needed |
Amount collected |
$4200 |
$420 |
Not needed |
Number of story books sold at $8
= 75% x 700
=
75100 x 700
= 525
Price after 25% discount
= 75% x 8
=
75100 x 8
= $6
Remaining story books
= 700 - 525
= 175
Number of story books sold at $6
= 40% x 175
=
40100 x 175
= 70
Number of story books sold at $8 or 25% discount
= 525 + 70
= 595
Total amount collected from the sale of 525 story books
= 525 x 8
= $4200
Total amount collected from the sale of the other 70 story books
= 70 x 6
= $420
Total amount collected from the sale of story books sold at $8 or 25% discount
= 4200 + 420
= $4620
Cost price of 595 story books
= 4620 - 2237
= $6545
Cost price of 1 story book
= 6545 ÷ 595
= $11
Answer(s): $11