Problem Solving (PS) | Re: Suits at a local clothing store are discounted 20 percent. Despite the

Suits at a local clothing store are discounted 20 percent. Despite the discount, the store owner enjoys a net profit (discount price minus cost) equal to 60 percent of the cost of the suits. If the suits cost the clothing store owner $200 each, what was the prediscount retail price of each suit?

(A) $300
(B) $400
(C) $500
(D) $600
(E) $700