Question

A company makes poppy lapel pins.

Each of them costs £1.10 to make.
In October, it made 1000 lapel pins.
35% were given to charities.
The rest are sold in two formats: 60% of them at £3.00 each, 40% of them at £500 for 2.
Assuming that all the lapel pins will be sold by the end of November, work out the percentage profit the company should make.
Give your answer to 1 decimal place.

Answer 1

The required percentage is 65.45%.

Explanation:

The total costing is
`1000 * 1.10 = 1100`

35% were given to the charity, hence 350 were given to the charity.

There are (1000 - 350) = 650 lapel pins remaining.

60% of 650 =
`(60)/(100) * 650 = 390` werre sold for 3.00 each. Hence, earning from here is
`390 *3 = 1170`.

40% of 650 = 260 were sold at 5.00 for 2. It can also be said that
`(260)/(2) = 130` were sold at 5.00 each. Earning from this section is
`130 *5 = 650`

Total earning is (1170 + 650) = 1820.

Profit percentage =
`(1820 - 1100)/(1100) *100 = (720)/(11) = 65.45`