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**Hint:**The price on the label of an article is called the marked price or list price. This is the price at which the product is intended to be sold. If $x$ be the profit that the seller makes on a 5% discount. Then,$\left( {x - 15} \right)$ is the profit that he makes on a 7% discount according to the question. Then the formed equation can be expressed as:

\[(100 - 5)\% {\text{ }}of{\text{ }}M.P - \left( {100 - 7} \right)\% {\text{ }}of{\text{ }}M.P = x - \left( {x - 15} \right) = 15\]

**Complete step-by-step answer:**

It is given to us that a seller allows a discount of 5% on a watch and it is also given that if he allows a discount of $7\% $, then he earns Rs.15 less in the profit.

We assume that the profit that the seller makes at a 5% discount will be $x$.

Then, according to the question, the profit that the seller makes on a $7\% $discount will be $(x - 15)$.

So, the formed equation to us is given as:

\[\left[ {(100 - 5)\% {\text{ }}of{\text{ }}M.P} \right] - \left[ {\left( {100 - 7} \right)\% {\text{ }}of{\text{ }}M.P} \right] = x - \left( {x - 15} \right) = 15\]

\[ \Rightarrow 2\% {\text{ }}of{\text{ }}M.P{\text{ }} = 15\]

Simplify the equation:

\[ \Rightarrow \dfrac{2}{{100}} \times M.P = 15\]

\[ \Rightarrow M.P = \dfrac{{1500}}{2}\]

\[ \Rightarrow M.P = 750\]

Hence, the Marked Price of the watch is Rs.750.

**Therefore, the correct option is the option (C).**

**Note:**An important aspect to notice and keep in mind is that Discount percent is calculated as a percentage of the market price. Considered the price tag on a shirt is $Rs.500$ and the discount being offered is 10%. If one were to purchase the shirt, the 10% discount will be calculated on the price tag i.e., $Rs.500$ in this case and one would pay the shopkeeper $Rs.450$

The value on the price tag is called Market price (M.P).

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