On an item having a marked price of Rs. 500, Ravi was offered successive discounts of 36% and 5%, respectively, while Prabhat was offered a single discount of 40%. Who paid more for the item and by how much? 

1
Ravi, Rs. 4
2
Prabhat, Rs. 5
3
Ravi, Rs. 5
4
Prabhat, Rs. 4

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