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?

Assessment: JAMB UTME - Mathematics - 2017 Subject: General Mathematics

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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