2010 Cayley Problem 12

The price of each item at the Gauss Gadget Store has been reduced by 20\% from its original price. An MP3 player has a sale price of \$112. What would the same MP3 player sell for if it was on sale for 30\% off of its original price?

\textbf{(A)}\ \$78.40\quad \textbf{(B)}\ \$100.80\quad \textbf{(C)}\ \$89.60\quad \textbf{(D)}\ \$168.00\quad \textbf{(E)}\ \$98.00

If there are no answer choices shown, enter a numerical answer.

Full credit to this problem is given to the CEMC, you may view all Cayley contests here.