Question

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

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 :

$\color{plum}\tt{Cost \: \: price = \frac{Selling \: \: price \: \times \: 100}{100 \: \: + \: \: profit \: \%} }$

Then, the cost price of this bicycle :

$= \tt \frac{2850 \times 100}{100 + 14}$

$= \tt \frac{285000}{114}$

$=\color{plum} \tt2500$

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.

$= \tt2500 = \frac{\: x \: \times 100}{100 + 8}$

$= \tt2500 = \frac{100x}{108}$

$=\tt 100x = 2500 \times 108$

$= \tt100x = 270000$

$=\tt x = \frac{270000}{100}$

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

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