1954 AHSME Problem 11

A merchant placed on display some dresses, each with a marked price. He then posted a sign “\frac{1}{3} off on these dresses.” The cost of the dresses was \frac{3}{4} of the price at which he actually sold them. Then the ratio of the cost to the marked price was:

\textbf{(A)}\ \frac{1}{2} \qquad \textbf{(B)}\ \frac{1}{3} \qquad \textbf{(C)}\ \frac{1}{4} \qquad \textbf{(D)}\ \frac{2}{3}\qquad\textbf{(E)}\ \frac{3}{4}

Full credit goes to MAA for authoring these problems. These problems were taken on the AOPS website.