When a dealer sells a bicycle for N81 he makes a profit of 8%. What did he pay for the bicycle?
A
N73
B
N74.52
C
N75
D
N87.48
E
N75.52
Verified Correct Answer: C.
Step-by-Step Mathematical Solution
Profit = 8%
\(\therefore S.P = N81 = (100 + 8)% = 108%\)
\(108% = N81\)
\(100% = \frac{81}{108} \times 100\)
= \(\frac{8100}{108} = N75\)
Source: Myschool Past Questions Archive (Record #32610)