A man sells his new brand car for N420,000 at a gain of 15%. What did it cost him?
-
A.
N410,000 -
B.
N365, 217 -
C.
N157, 250 -
D.
N257,000
Correct Answer: Option B
Explanation
Cost Price:
Selling price = 100 : (100 + 15)
= 100 : 115
Cost Price
= 100 ÷ 115 of selling price (i.e N420,000)
= 100 ÷ 115 × N420,000
= N365,217.4
∴ Cost Price = N365, 217
There is an explanation video available below.