Explanation:

- Let's denote the cost price (CP) of the article as 'x'.

- Selling the article for Rs. 672 results in a profit that is 25% more than the loss incurred when selling it for Rs. 470.4.

- So, the relationship can be written as: Profit with Rs. 672 = 1.25 × Loss with Rs. 470.4.

- Calculate the profit and loss:

- Profit when sold for Rs. 672: \(672 - x\).

- Loss when sold for Rs. 470.4: \(x - 470.4\).

- Thus: \(672 - x = 1.25(x - 470.4)\).

- Solving gives us the cost price 'x'.

- When marked up 50%, the marked price becomes \(1.5x\).

- Two successive 20% discounts on the marked price leads to:

\((1 - 0.20)(1 - 0.20) \times 1.5x = 0.64 \times 1.5x\).

- Final Selling Price (SP) becomes:

\($0.96x\).

After solving, the selling price comes out to be Rs. 537.6.

Correct Answer: Option 3, Rs. 537.6.