By selling a car for Rs. 2,850, a shopkeeper gains 14%. If the profit is reduced to 8%, then the selling price will be

A Rs. 2,600

B Rs. 2,700

C Rs. 2,800

D Rs. 3,000

E Rs. 3,200

Correct Answer: Option B

Let the cost price of the car be Rs. X

Given:

Selling price of the car= Rs. 2,850

Gain or profit %=14%

Profit% = \(\frac{{S.P - C.P}}{{C.P}} \times 100\)

\(\therefore 14\% = \frac{{2850 - X}}{X} \times 100\)

⇒ 14X = (2850 – X) × 100

⇒ 14X = 285000 – 100X

⇒ 114X = 285000

⇒ X = Rs(285000/114)

⇒ X = Rs. 2500

Now, profit is reduced to 8%.

∴ New profit= 8%

Let the new selling price be Rs. Y

\(8\% = \frac{{Y - 2500}}{{2500}} \times 100\)

⇒ 20000 = 100Y - 250000

⇒ 100Y = 270000

⇒ Y = Rs. 2,700

Thus, the selling price of the car will be Rs. 2,700