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A car dealer bought a second-hand car for N250,000 and spent N70,000 refurbishing it. He...

Mathematics
JAMB 2001

A car dealer bought a second-hand car for N250,000 and spent N70,000 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 Answer: Option C
Explanation
Total cost = N(250,000 + 70,000) = N320,000
Selling price = N400,000 (given)
Gain = SP - CP = N(400,000 - 320,000) = N80,000
Gain % = gain/CP x 100 = (80,000/320,000) x 100

Gain % = 25%

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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts