NECO 2001 Mathematics · Question 30

A trader sold an article for N4,600.00 thereby making a profit of 15%. Calculate the cost price of the article

Options

A.N3450.00
B.N3910.00
C.N4000.00
D.N5290.00
E.N6900.00

Answer: C. N4000.00

Explanation written with AI and checked against the answer key

Analyze the question: The selling price (SP) is N4,600 and the profit is 15% of the cost price (CP). We need to find the CP. Concept: Profit % is always calculated on the cost price unless the question says otherwise. SP = CP + 15% of CP = 115% of CP = 1.15 × CP Solution: 1.15 × CP = 4600 CP = 4600 ÷ 1.15 CP = 460000 ÷ 115 = 4000 Check: 15% of 4000 = 600, and 4000 + 600 = 4600 ✓ Answer: The cost price is N4,000.00, which is option C. Tip: For "profit of x%" questions, SP = (100 + x)% of CP. For a loss, use (100 − x)%. Always divide the SP by the multiplier to get the CP. Don't just subtract 15% from the SP, because that gives N3,910 (option B), which is a common trap.

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