Explanation:

- Original Price: The product's marked price is Rs530.

- Discounts Applied: There are two successive discounts. The first is 15%. After this, the effective price becomes Rs530 - (15% of Rs530) = Rs530 - Rs79.50 = Rs450.50.

- Second Discount Calculation: The item is sold for Rs396.44, so the discount in the second round must bring Rs450.50 down to Rs396.44.

- Finding 'x': Let this second discount be 'x'%. So, Rs450.50 * (1 - x/100) = Rs396.44. Solve for x:

\(x = \left(1 - \frac{396.44}{450.50}\right) \times 100\).

- Calculation:

$$

x = \left(1 - \frac{396.44}{450.50}\right) \times 100 = (1 - 0.8799) \times 100 = 12.01\%

$$

- Selecting Closest Option: The closest option to 12.01% is 12%.

- Correct Option: Option 4 - 12