A school bag is sold for Rs.540 after giving two successive discounts of 10% and 20%. If school bag is marked up by Rs.500 above its cost price, then find the profit/loss on the school bag.
Marked price = 540/(0.90 x 0.80) = Rs.750 Cost price of the article = 750 – 500 = Rs.250 Required profit = 540 – 250 = Rs.290
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