For the purpose of this example lets say I have two ingredients:
- water ($100\%$)
- a chocolate mix ($80\%$ chocolate, $20\%$ water)
The goal is to mix them together to create a mix that is exactly $50\%$ water and $50\%$ chocolate.
How can I calculate exactly how much of the 2 ingredients to combine to create 500ml without waste?
If you take $s$ liters (or quarts, etc.) number 1, and $(1-s)$ liters of #2, you'll end up with $1$ liter of mix. That liter will contain $$ (1-s) 0.8 = 0.8 - 0.8s $$ liters of chocolate; you want that to be $0.5$ liters. So set \begin{align} 0.8 - 0.8s &= 0.5 \\ -0.8s &= -0.3 \\ s &= \frac{-0.3}{-0.8} = \frac{3}{8} \end{align} So: take 3/8 pure water, and 5/8 chocolate mix.
If you have, say, 7 liters of the 80% mix (what I've called "#2"), you'll need $\frac{3}{5} \times 7$ of the water to make your 50-50 mix.
In short: let's say the amount of chocolate mix that you have (measured in cups, gallons, liters, whatever) is $A$. You'll need to add $0.6 \times A$ of water to it. You'll end up with $1.6 \times A$ of mix.
For instance, if you have 9 cups of the 80% mix, you'll need to add $0.6 \times 9 = 5.4 cups$ of water to it to get to a 50% mix; when you're done, you'll have the original 9 cups of mix plus 5.4 cups of water to get 14.4 cups of mix, whic is $1.6 \times 9$.
(I got $s$ and $1-s$ screwed up in my earlier response, which I've now fixed up.)
Final Edit
Now that the problem's been clarified -- you want to get some amount $C$ of final 50-50 mix -- the solution is this:
quantity of pure water: (3/8) * C
quantity of 80% choc: (5/8) * C.
In your example where $C = 500$ml, you get
water: (3/8) * 500 = 187.5 ml
mix: (5/8) * 500 = 312.5 ml