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 was his net profit?
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Correct Answer: Option A
Explanation:
Net profit is calculated by subtracting the total cost from the selling price.<br/><br/>Total cost = Purchase price + Repair cost<br/>Total cost = ₦20,000 + ₦5,000 = ₦25,000<br/><br/>Net profit = Selling price - Total cost<br/>Net profit = ₦30,000 - ₦25,000 = ₦5,000<br/><br/>Therefore, Ojo's net profit is ₦5,000.
Net profit is calculated by subtracting the total cost from the selling price.<br/><br/>Total cost = Purchase price + Repair cost<br/>Total cost = ₦20,000 + ₦5,000 = ₦25,000<br/><br/>Net profit = Selling price - Total cost<br/>Net profit = ₦30,000 - ₦25,000 = ₦5,000<br/><br/>Therefore, Ojo's net profit is ₦5,000.