Explanation:

Let's break down the problem step by step:

- The cost price (CP) of the dress is Rs. 3200.

- The dress is marked up by 50%. Therefore, the marked price (MP) = 3200 + (50% of 3200) = 3200 + 1600 = Rs. 4800.

- A discount of 20% is given on the marked price: 20% of 4800 = 960.

- Selling price (SP) after the first discount = 4800 - 960 = Rs. 3840.

- An additional discount of 20% is bargained on the already discounted price: 20% of 3840 = 768.

- Final selling price after the second discount = 3840 - 768 = Rs. 3072.

- To find profit or loss, subtract the CP from the final SP: 3072 - 3200 = -128.

- This results in a loss of Rs. 128.

Based on this calculation, the correct option is:

- Option 3: Rs. 128