A business man a car for 500 thousand naira and sold it for 650 thousand naira find his percentage gain on the car sold
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.
To find the percentage gain on the car sold, we need to calculate the difference between the selling price and the buying price, and then express it as a percentage of the buying price.
Step 1: Calculate the difference between the selling price and the buying price.
Selling Price - Buying Price = 650,000 - 500,000 = 150,000 naira
Step 2: Express the difference as a percentage of the buying price.
Percentage Gain = (Difference / Buying Price) * 100
Percentage Gain = (150,000 / 500,000) * 100
Percentage Gain = 0.3 * 100
Percentage Gain = 30%
Therefore, the businessman had a 30% gain on the car sold.