Question 1 Report
A car dealer bought a second-hand car for ₦250,000 and spent ₦70,000 refurbishing it. He then sold the car for ₦400,000. What is the percentage gain?
Answer Details
Total cost = N(250,000 + 70,000) = ₦320,000 Selling price = ₦400,000 (given) Gain = SP - CP = N(400,000 - 320,000) = ₦80,000 Gain % = gain/CP x 100 = (80,000/320,000) x 100 Gain % = 25%
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