With jQuery:
$("select").on("change", function() {
var discount = $(this).val();
// ensure discount is a number
discount = parseInt(discount) || 100;
var price = $("input[name='price']").data("price");
// ensure price is a number
price = parseFloat(price) || 0;
// calculate new price
price = price * discount / 100;
// set the price
$("input[name='price']").val(price.toFixed(2));
});
$(document).ready(function() {
// store initial price
$("input[name='price']").data("price", $("input[name='price']").val());
// trigger change on load to have your initial value
$("select").trigger("change");
});