Question

A merchant initially raised the price of a product by 25% and subsequently by an additional 20%. After providing a 24% discount on the final price, he gains a profit of Rs. 56. If the merchant aims to achieve a profit of 50%, what would be the adjusted selling price of the product?

A Rs. 480
B Rs. 560
C Rs. 500
D Rs. 720
E Rs. 600
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