I hope you got the correct hose because it doesn't sound like it from the cost. I don't know the details of your setup but typically you need high burst strength wet exhaust hose for that connection. You may even need wire reinforced depending on the setup. That usually starts at $6 a foot.Fix was easy of course. Auto parts store heater hose setting me back $2.97 with tax.
Also, if this hose was original (or at least in very poor condition), I would immediately inspect all your hoses before you take the boat out again. Chances are that you need to replace more than just this hose.
Don't forget the hose clamps too. More often than not, they are the cheap perforated style rather than the ABA heavy duty style.
Good luck,
Jesse