Pricing has a lot of factors. If you are doing this to help her out and maybe make a little extra money, but you're not concerned with the "business" of it, you are doing it more for a friend, then I say if you are happy with $47 profit then that's fine. As someone stated I will often just charge for materials for someone I know and love. However, if you want quilt making to be a business, $47 for the time it will take, especially for the block you have chosen, is very very low. That is a pretty complicated block, I would imagine it will take you 20-30 hours to finish the whole quilt at least, that means you are making maybe $2 per hour. while you most likely won't make $30 per hour from her, what you have charged seems very low. Most people use a rule of thumb to double or triple the cost of materials. If you tripled it, that would be about $10 per hour, which is better. It sounds like this woman can't afford that much though, so you have to decide what you feel comfortable with. Just remember your time is worth more than a few bucks an hour if you are making quilts as a business.
Cheers!
Rachel