Use the following information below to answer the question<br/>Ojo bought a bicycle for ₦20,000, and repaired it at a cost of ₦5,000. He then sold the bicycle for ₦30,000<br/>What is the percentage of expenses over cost?
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
Correct Answer: Option A
Explanation:
Here, the "expenses" refer to the repair cost, and the "cost" refers to the initial purchase price of the bicycle.<br/><br/>The formula is:<br/>\(\text{Percentage of expenses over cost} = \frac{\text{Expenses}}{\text{Cost}} \times 100\)<br/><br/>\(\text{Percentage} = \frac{5,000}{20,000} \times 100\)<br/><br/>\(\text{Percentage} = 0.25 \times 100 = 25\%\)<br/><br/>Therefore, the percentage of expenses over cost is 25%.
Here, the "expenses" refer to the repair cost, and the "cost" refers to the initial purchase price of the bicycle.<br/><br/>The formula is:<br/>\(\text{Percentage of expenses over cost} = \frac{\text{Expenses}}{\text{Cost}} \times 100\)<br/><br/>\(\text{Percentage} = \frac{5,000}{20,000} \times 100\)<br/><br/>\(\text{Percentage} = 0.25 \times 100 = 25\%\)<br/><br/>Therefore, the percentage of expenses over cost is 25%.