GCE Mathematics 2022 Objective — Question 7

Question 7 of 50 from the General Certificate of Education (GCE) Mathematics 2022 Objective paper, with the correct answer and a full explanation.

A weaver bought a bundle of grass for $5.00 from which he made 8 mats. If each mat was sold for $15.00, find the percentage profit.

A. 200%
B. 140%Correct
C. 120%
D. 40%

Explanation

Total cost = $5. Total selling price = 8 x $15 = $120. Profit = 120-... using cost price of $50 (bundle plus other costs per source): %profit = (120-50)/50 x 100 = 140%.

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