By selling a bicycle for Rs. 2,850, a shopkeeper gains 14%. If the profit is reduced to 8%, then the selling price will be:
A. Rs. 2600 B. Rs. 2700 C. Rs. 2800 D. Rs. 3000 Answer: Option BShow Answer
Solution(By Apex Team)
Let Cost Price was X.
X + 14% of X = 2850
X + $\frac{14 \mathrm{X}}{100}$= 2850
X + 0.14X = 2850
1.14X = 2850
X = 2500.
So, Cost Price = Rs. 2500.
Now, Selling Price When profit remains at 8%,
= 2500 + 8% of 2500
= Rs. 2700.
Short-Cut
CP of bicycle = $\frac{100}{114}$× 2850 = Rs. 2500
SP for a profit of 8% = $\frac{108}{100}$ × 2500 = Rs. 2700
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