[color=#990000][/color]
waec gce 2001/8b
A man bought 250 electric lanterns in the United States of America(USA) for $5,000.He sold them in lagos at #1,920 each.At the time of his journey back to USA,the exchange rate was #96 to the dollar.
(i)if by selling the lanterns at #1,920 each,he made a profit of 20%.Calculate the exchange rate at the time he bought the lanterns.
(ii)How much in dollar will the sales amount to at the time of his journey back to USA?

1920x250=amount
Amount =120%
Cost price =100%
1920x250=120%
Cost price =100%
Cross multiply and divide both side by 120
1920x250x100/120=cost price
Exchange rate =cost in #/cost in $
=(1920x250x5/6)/(5000)
=(96x5/6)=16x5=80
Exchange rate then was 80# to 1dollars

(II) the sales will be 400000/96=4166.67 dolars

PolymathAdeoye