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A farmer sold 35 bags of rice at 25% profit. If he sold each bag for ₦7500.How...


Question

A farmer sold 35 bags of rice at 25% profit. If he sold each bag for ₦7500.How much was his profit on of the lot?

Options

A)
₦52,500.00
B)
₦65,625.00
C)
₦18,775.00
D)
₦26,250.00

The correct answer is A.

Explanation:

%gain = 25
Sp = 35 × 7500 = 262500
Cp = ?
Profit = Sp - Cp
%gain = SP - Cp /Cp
25/100 = 262500 - Cp/Cp
25Cp = 26250000 - 100Cp
125Cp = 26250000
Cp = 210000
Therefore
Profit = 262500 - 210000
Profit = 52500
Hence 52500 should be the answer and not 26250

Explanation provided by Timothy Godspower


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Dicussion (1)

  • %gain = 25
    Sp = 35 × 7500 = 262500
    Cp = ?
    Profit = Sp - Cp
    %gain = SP - Cp /Cp
    25/100 = 262500 - Cp/Cp
    25Cp = 26250000 - 100Cp
    125Cp = 26250000
    Cp = 210000
    Therefore
    Profit = 262500 - 210000
    Profit = 52500
    Hence 52500 should be the answer and not 26250

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