The percentage profit is 140%
What is percentage?
Percentage can be described as the expression of a number in hundredth.
The formula for calculating percentage profit is
profit/cost price × 100
cost price= $50
selling price= $15
number of mats produced= 8
selling price of the mat= 15 × 8
= 120
Profit= selling price-cost price
= 120-50
$70
Therefore the percentage profit can be calculated as follows
= 70/50 × 100
= 1.4 ×100
= 140
Thus, the percentage profit is 140%
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