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.

Analyze the question: We need the percentage profit. Cost price is $50.00, and he sells 8 mats at$15.00 each.

Concept:

• Profit = Selling Price − Cost Price
• Percentage Profit = (Profit ÷ Cost Price) × 100%

Solution:

1. Total selling price = 8 × $15.00 =$120.00
2. Profit = $120.00 −$50.00 = $70.00
3. Percentage profit = (70 ÷ 50) × 100% = 140%

Answer: B. 140%

Tip: Percentage profit is always calculated on the cost price, not the selling price. A common mistake is to pick 240% (which is 120/50 × 100, the selling price over cost price) because the student forgot to subtract the cost. Always find the profit first.