A weaver bought a bundle of grass for $50.00 from which he made 8 mats.
MATHEMATICS
WAEC 2022
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%
Correct Answer: B. 140%
Explanation
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%
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