The marked price of a product is usually its printed price. Any discounts offered to apply to the marked price only.
After applying a discount on the marked price we get the selling price of the product.
in the above question,
GIVEN-
Marked price -rs 480
discount offered - 3 percent
now,
SP= MP-(MP*D%)
=> 480 - (480*0.03)
=> 480 - (14.4)
=> 465.6
hence the required selling price is rs. 465.6