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 was his net profit?
Question 1 Report
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 was his net profit?
Answer Details
To calculate Ojo's net profit, we need to subtract his total cost (which includes the cost of buying and repairing the bicycle) from the selling price.
Ojo's total cost is the sum of the cost of buying the bicycle and the cost of repairing it, which is:
20,000 + 5,000 = 25,000
His selling price is:
30,000
To find his net profit, we subtract the total cost from the selling price:
30,000 - 25,000 = 5,000
Therefore, Ojo's net profit is #5,000.
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