Tade bought 200 mangoes at 4 for ₦2.50. 30 out of the mangoes got spoilt and the remaining were sold at 2 for ₦2.40. Find the percentage profit or loss.
The correct answer is C. 63.2% profit
Tade bought 200 mangoes at 4 for ₦2.50, so the cost price of one mango is 2.50/4 = ₦0.625. Since he sold the remaining mangoes at 2 for ₦2.40, the selling price of one mango is 2.40/2 =₦1.20. This means that Tade made a profit of 1.20 - 0.625 = ₦0.575 on each mango sold.
Since 30 mangoes got spoilt, Tade sold 200 - 30 = 170 mangoes. The total cost price of the mangoes is 200 0.625 = ₦125, and the total selling price of the mangoes is 170 * 1.20 = ₦204.
The profit is calculated as selling price - cost price, so Tade made a profit of 204 - 125 = ₦79.
The percentage profit is calculated as (profit / cost price) * 100, so Tade made a percentage profit of (79 / 125) * 100% ≈ 63.2%.
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