Answered

Mr. Wheeler bought a used car for $5,000 and sold it for $6,000. What is his percent of gain?

Can someone explain how to do this problem? I just don't understand.



Answer :

First you have to find 5000 divided by 100 because that is the highest percent. Then you find the answer,50, and that is 1% of 5000. Next you subtract 6000 minus 5000 equals 1000. You divide 1000 by 50 and get 20. So his percent of gain is 20%

Percent of gain is 20 %.

What is gain percentage?

Percentage gain means to express the profit or the gain in the form of percentages.

According to the question

Cost price = $5000

Selling price = $6000

Gain percentage  = [tex]\frac{Selling \ price -Cost \ price}{Cost \ price} \times 100[/tex]

Gain percentage  = [tex]\frac{6000-5000}{5000} \times 100[/tex]

G = [tex]\frac{1000}{5000}\times 100[/tex]

G  = [tex]0.2 \times 100[/tex]

G = 20 %

Percent of gain is 20 %.

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