Tunde bought a bicycle for 10,000 naira and later sold it for 10500 naira what was his gain or loss percent?

Answer 1

To find the gain or loss percent, we need to calculate the profit or loss first.

Profit = Selling Price - Cost Price
Profit = 10500 - 10000
Profit = 500

Since the profit is positive, Tunde made a profit.

Now, let's calculate the profit percentage.

Profit Percent = (Profit/Cost Price) x 100
Profit Percent = (500/10000) x 100
Profit Percent = 5%

Therefore, Tunde made a profit of 5%.