A car dealer bought a used car for ₦270,000 and spent ₦70,000 to refurbish it. He later sold the car for ₦490,000. What was the percentage profit?
A
30%
B
35%
C
25%
D
45%
Verified Correct Answer: D.
Step-by-Step Mathematical Solution
Total cost = 270,000 + 70,000 = 340,000.
Profit = 490,000 - 340,000 = 150,000.
Percentage profit = (\(\frac{150,000}{340,000}\)) × 100
= (\(\frac{15}{34}\)) × 100 ≈ 44.12%. The closest option is 45%
Source: WAEC / JAMB / NECO Classroom Archive (Record #74156)