The marked price of an article is ₹x. After allowing a discount of 20% on the marked price, a shopkeeper gains ₹40. If his profit is $11\frac{1}{9}$%, then the value of x is:

500

11\(\frac{1}{9}\) % = \(\frac{1}{9}\)

Let CP = 9 unit

SP = 9 × \(\frac{10}{9}\) = 10 unit

MP = 10 × \(\frac{5}{4}\) = 12.5 unit

10 – 9 = 1 unit = 40

12.5 unit = 40 × 12.5 = 500