A vendor marked a product, 20% above the cost price and sold the product for Rs. 7776 by giving two successive discounts of 10% each. Find the cost price of the product and the loss percentage of the vendor.
1
8000, 2.8%
2
4000, 2.8%
3
8200, 1.6%
4
8400,1.6%
5
None of the above