A man sells his new brand car for N420,000 at a gain of 15%. What did it cost him?
A
N410,000
B
N365, 217
C
N157, 250
D
N257,000
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
Cost Price:
Selling price = 100 : (100 + 15)
= 100 : 115
Cost Price
= 100 \div 115 of selling price (i.e N420,000)
= 100 \div 115 \times N420,000
= N365,217.4
∴ Cost Price = N365, 217
Source: Myschool Past Questions Archive (Record #40688)