A weaver bought a bundle of grass for $ 50.00 from which he made 8 mats. If each mat was sold for $ 15.00, find the percentage profit.
A
240%
B
140%
C
120%
D
40%
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
cost price = $50
Selling price = 15 * 8 = $120
percentage profit = \(\frac{sp-cp}{cp}\) * 100 → \(\frac{120-50}{50}\) * 100
percentage profit = 70 * 2 → 140%
Source: WAEC / JAMB / NECO Classroom Archive (Record #64465)