Question

A business man a car for 500 thousand naira and sold it for 650 thousand naira find his percentage gain on the car sold

Answer 1

To find the percentage gain, we need to calculate the difference between the selling price and the cost price, and then express this difference as a percentage of the cost price.

Cost price = 500,000 naira
Selling price = 650,000 naira

Gain = Selling price - Cost price
Gain = 650,000 - 500,000
Gain = 150,000 naira

Now, we can calculate the percentage gain:

Percentage gain = (Gain / Cost price) * 100
Percentage gain = (150,000 / 500,000) * 100
Percentage gain = 0.3 * 100
Percentage gain = 30%

Therefore, the businessman gained 30% on the car sold.