Question on: JAMB Mathematics - 2017
A car dealer bought a second-hand car for of 250,000 and spent N 70,000 refurbishing it. He then sold the car for N400,000. What is the percentage gain?
A
60%
B
32%
C
25%
D
20%
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Correct Option: C
Total Cost Price = N(250,000 + 70,000)
= N 32,000
Selling Price = N 400,000(Given)
Gain = Selling Price - Cost Price
= 400,000 - 300,000
= 80,000
% gain = (\frac{\text{Gain}}{\text{Cost Price}}) × 100
= (\frac{80,000}{320,000}) × 100
Gain % = 25%
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