Ojo bought a bicycle for #20,000, and repaired it at a cost of #5,000. He then sold the bicycle for #30,000. What is the percentage of expenses over cost?

Ojo bought a bicycle for #20,000, and repaired it at a cost of #5,000. He then sold the bicycle for #30,000.

What is the percentage of expenses over cost?

Answer Details

To find the percentage of expenses over cost, we need to calculate the total expenses and subtract the cost from it. Then we divide the result by the cost and multiply by 100 to get the percentage.
In this case, Ojo's cost for the bicycle was #20,000, and he spent an additional #5,000 on repairs. So his total expenses were #25,000. To find the percentage of expenses over cost, we use the formula:
Percentage of expenses over cost = (Total expenses - Cost) / Cost x 100%
Plugging in the numbers, we get:
Percentage of expenses over cost = (25,000 - 20,000) / 20,000 x 100%
= 5,000 / 20,000 x 100%
= 0.25 x 100%
= 25%
Therefore, the percentage of expenses over cost is 25%.