The price of a coat in a certain store is $500. If the price of the coat is to be reduced by $400, by what percent is the price to be reduced?
Choose the correct choice from the following
A) 10 % B) 15 % C) 20 % D) 25 % E) 80 %

Rationale: "price of a coat in a certain store = $ 500 the price of the coat is to be reduced by $ 400 % change = ( final value - initial value ) * 100 / initial value % reduction = ( reduction in price ) * 100 / initial value i . e . % reduction = ( 400 ) * 100 / 500 = 80 % answer : option e"
Answer: E