JAMB - Mathematics (2015 - No. 28)

A man sells his new brand car for N420,000 at a gain of 15%. What did it cost him?
N410,000
N365, 217
N157, 250
N257,000

Explanation

Cost Price:

Selling price = 100 : (100 + 15)

= 100 : 115

Cost Price

= 100 ÷ 115 of selling price (i.e N420,000)

= 100 ÷ 115 × N420,000

= N365,217.4

∴ Cost Price = N365, 217

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