A man sells his new brand car for ₦420,000 at a gain of 15%. What did it cost him?
Answer Details
If the man sold the car for ₦420,000 at a gain of 15%, then we can find the cost price of the car using the following formula:
Selling price = Cost price + Profit
We know the selling price is ₦420,000 and the profit is 15% of the cost price. Let's call the cost price "x."
Profit = 15% of x = 0.15x
Substituting the values in the formula:
₦420,000 = x + 0.15x
₦420,000 = 1.15x
To solve for x, we need to divide both sides by 1.15:
x = ₦420,000 / 1.15
x = ₦365,217.39
Therefore, the cost price of the car was ₦365,217.39.
So, option B - ₦365,217 is the correct answer.