Arun buys an old car for ₹4,75,000 and spends ₹80,000 on its repairs. If he sells the car for ₹5,85,000, find his gain percentage. (Rounded up to two decimal places)

Given:

Cost price of the old car = ₹4,75,000

Amount spent on repairs = ₹80,000

Selling price of the car = ₹5,85,000

Formula Used:

Total Cost Price (CP) = Purchase Price + Overheads (Repairs)

Gain = Selling Price (SP) - Total Cost Price (CP)

Gain Percentage = (Gain / Total Cost Price) × 100

Calculation:

Total Cost Price (CP) = ₹4,75,000 + ₹80,000 = ₹5,55,000

Gain = Selling Price - Total Cost Price = ₹5,85,000 - ₹5,55,000 = ₹30,000

Gain Percentage = (₹30,000 / ₹5,55,000) × 100

Gain Percentage = (30 / 555) × 100

Gain Percentage = (2 / 37) × 100

Gain Percentage = 200 / 37

Gain Percentage ≈ 5.4054...

Rounded up to two decimal places, the gain percentage is 5.41%.

Arun's gain percentage is approximately 5.41%.