A trader sold a bag for ₦6,000 and made a profit of 20%. What was the cost price?
A₦4,800
B₦5,000CORRECT
C₦7,200
D₦5,500
Common EntranceMathematicsProfit and Loss
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Why the answer is B, and why the others tempt you.
Selling price is 120% of the cost price. 120% = ₦6,000, so 100% = 6,000 x 100/120 = ₦5,000.
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