[Solved] Sean pays £10 for 24 chocolate bars. He sells all 24 chocolate bars for 50p each. Work out Sean’s percentage profit.

Sean pays £10 for 24 chocolate bars. He sells all 24 chocolate bars for 50p each. Work out Sean’s percentage profit.

Step 1

Concept used

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 %

Method 2

Step 1

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.

Step 2

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.

Step 3

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%.

Step 4

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%