Question

7. By selling a bicycle for * 2,850, a shopkeeper gains 14%. If the profit is reduced to 8%, then the selling price

will be
(a) 2,600
(b) 2,700
(c) 2,800
(d) 3,000
with steps
​

Answer 1

Correct option :

`= \color{plum}\bold{(b) \: 2,700}`

Steps to derive answer :

Selling price of a bicycle = 2850

Profit percentage = 14%

We know that :

`\color{plum}\tt{Cost \: \: price = (Selling \: \: price \: * \: 100)/(100 \: \: + \: \: profit \: \%) }`

Then, the cost price of this bicycle :

`= \tt (2850 * 100)/(100 + 14)`

`= \tt (285000)/(114)`

`=\color{plum} \tt2500`

Thus, the cost price of this bicycle = 2500

In another scenario :

Profit percentage = 8%

Cost price of the bicycle = 2500

Then, Selling price will be equal to :

Let x be the selling price of the bicycle.

`= \tt2500 = (\: x \: * 100)/(100 + 8)`

`= \tt2500 = (100x)/(108)`

`=\tt 100x = 2500 * 108`

`= \tt100x = 270000`

`=\tt x = (270000)/(100)`

`=\color{plum}\tt x = 2700`

Therefore, the selling price with a profit of 8% will be = 2700