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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