Question 124

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

Solution

Given: Initial selling price = 2,850
          Profit = 14%
          As we know profit and loss is applicable on cost price only
          let's say it is $$x$$
          hence $$x$$+$$\frac{14x}{100}$$ = 2,850
               or  $$\frac{114x}{100}$$ = 2,850
               or   $$x$$ = 2500
 Now new profit is 8% of 2500 i.e. 200 hence new sold price will be 2700


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