Final answer:
Charles made a profit of £24 by selling two-thirds of the pens he bought.
Step-by-step explanation:
Charles initially buys 60 packs of pens, with each pack containing 12 pens. To calculate the total number of pens, multiply the number of packs by the pens per pack:
60 packs × 12 pens per pack = 720 pens in total.
He sells two-thirds of these pens. To find out how many pens this is, multiply the total number of pens by two-thirds:
720 pens × (2/3) = 480 pens sold.
The cost of each pack is £2.80, so to find out the total cost, multiply the number of packs by the cost per pack:
60 packs × £2.80 = £168 total cost.
Each pen is sold for 40p, so the total revenue from selling 480 pens is calculated by multiplying the number of pens sold by the price per pen:
480 pens × 40p = £192 total revenue.
To find the profit, subtract the total cost from the total revenue:
Profit = Total revenue - Total cost = £192 - £168 = £24.
Therefore, Charles made a profit of £24.