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.
- 240%
-
140%
- 120%
- 40%
The correct answer is: B
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%