Tunde bought a bicycle for 10,000 naira and later sold it for 10500 naira what was his gain or loss percent?
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%.
To find the gain or loss percentage, we need to compare the difference between the selling price and the cost price to the cost price.
1. Calculate the difference between the selling price and the cost price:
Selling price - Cost price = 10500 - 10000 = 500
2. Determine whether it is a gain or loss:
Since the selling price is higher than the cost price, it is a gain.
3. Calculate the gain percentage:
Gain percentage = (Gain / Cost price) * 100
Gain percentage = (500 / 10000) * 100 = 5%
Therefore, Tunde's gain percentage is 5%.