Sean pays £10 for 24 chocolate bars. He sells all 24 chocolate bars for 50p each. Work out Sean’s percentage profit.
The concept used in this question is profit, the difference between money made from selling something and the amount spent on it.
In this case, Sean made a profit of £2 by selling all the chocolate bars for 50p each, having spent £10 on them.
Solution: We know that 100 p = £1
1200 p = £12
The cost price of 24 chocolate bars is = £10
The selling price of 1 chocolate bar = 50 p
The selling price of 24 chocolate bars = 24 × 50 p
The selling price of 24 chocolate bars = 1200 p
The selling price of 24 chocolate bars = £12
We know that Profit = Selling price – Cost price
Profit = £12 – £10
Profit = £2
Profit Percentage = 20
Hence, the Profit Percentage of Sean is 20 %
Calculate the total amount of money Sean made from selling the chocolate bars by multiplying the number of chocolate bars he sold by the price he sold them for: 24 x £0.50 = £12.
Subtract the amount of money Sean paid for the chocolate bars from the amount he made from selling them to find his profit: £12 – £10 = £2.
Divide the profit by the amount of money Sean paid for the chocolate bars and then multiply the result by 100 to find the percentage profit: (£2 / £10) x 100 = 20%.
The final answer is 20%, which is the profit Sean made on the sale of the chocolate bars.
Conclusion for Sean pays £10 for 24 chocolate bars.
Sean pays £10 for 24 chocolate bars. He sells all 24 chocolate bars for 50p each. The percentage profit of Sean is 20%