I'm having a problem creating a formula to calculate % profit, despite being
able to calculate it mentally!
A product costs £10, and either has to sell for £100, or be thrown away.
The probability of it selling is 1 in 5 (or 20%). Therefore if I make 10 at
a cost of £100, I will sell 2 @ £100 each taking £200, or 100% profit on my
outlay.
What formula and/or function will calculate this for me ?
Any advice much appreciated ?