By selling some crates of soft drinks for ₦600.00, a dealer makes a profit of 50%. How much did the dealer pay for the drinks?
A
₦400.00
B
₦1200.00
C
₦900.00
D
₦450.00
Verified Correct Answer: A.
Step-by-Step Mathematical Solution
To find the cost price
Selling price = ₦600; Profit = 50%
Multiply the selling price by 100 and add 100% to the profit
new selling price = 600 x 100 = 60,000, new profit = 150%
Cost price = = \(\frac{60,000}{150}\) = ₦400
Source: Myschool Past Questions Archive (Record #75802)