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Let the cost price and marked price of the article be Rs. 5x and Rs. 8x, respectively
According to the question,
8x – 5x = 300
Or, x = 100
Therefore, cost price of the article = 5x = Rs. 500
Marked price of the article = 8x = Rs. 800
Selling price of the article = 800 – 180 = Rs. 620
Required profit percentage = {(620 – 500)/500} × 100 = 24%
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