Freddie buys 15 golf tees for 35p each.He sells them all for a total price of £8.40.Calculate his percentage profit.
Question
Freddie buys 15 golf tees for 35p each.He sells them all for a total price of £8.40.Calculate his percentage profit.
Solution
Step 1: Calculate the total cost of the golf tees. Freddie bought 15 golf tees at 35p each, so the total cost is 15 * 35p = 525p.
Step 2: Convert the total cost to pounds. Since there are 100p in £1, the total cost in pounds is 525p ÷ 100 = £5.25.
Step 3: Calculate the total profit. Freddie sold all the golf tees for £8.40. So, the profit is the selling price minus the cost price, which is £8.40 - £5.25 = £3.15.
Step 4: Calculate the percentage profit. The formula for percentage profit is (Profit ÷ Cost price) * 100. So, the percentage profit is (£3.15 ÷ £5.25) * 100 = 60%.
Therefore, Freddie made a 60% profit on the golf tees.
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