Question

IB exams

John buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, what is his gain percent?

Answer 1

Price of old scooter       = 4700/-
Additional money spent = 800/-
So, total price                 = 4700 + 800
                                       = 5500/-
Selling price                    = 5800/-
Gain                                = 5800 - 5500
                                        = 300/-
Gain %                            = (Gain/ Total price) × 100
                                        = (300/5500) × 100
                                        = 5.45% = 5.5%
(After the decimal, If a number 5 or greater than 5 comes, You can round off the previous number by adding 1 to it. It is optional.)

Answer 2

cost price of the scooter = Rs. 4700
money spent on its repairs = Rs. 800
therefore , total cost price = Rs. 5500
selling price of the scooter = Rs. 5800
profit made = selling price - cost price 
                 = Rs. (5800 - 5500)
                 = Rs. 300
therefore , profit percent = (profit  /  cost price ) * 100
                                   = (300 / 5500)*100
                                   = 5.45 %