By selling 30 metres of cloth a shopkeeper makes a profit equivalent to the selling price of 10 metres of cloth. Find the selling price of 1 metre of cloth when the cost price of 1 metre of cloth is ₹480.

The correct option is ₹720.

Let us solve this step-by-step:

Let the selling price of 1 metre of cloth be $SP$ and the cost price of 1 metre of cloth be $CP$.

Given that the cost price of 1 metre of cloth is:
$CP=\text{₹}480$

The total selling price for 30 metres of cloth is $30\times SP$ and the total cost price for 30 metres of cloth is $30\times CP$.

Profit on selling 30 metres of cloth is given as the selling price of 10 metres of cloth:
$\text{Profit}=10\times SP$

We know the formula for profit is:
$\text{Profit}=\text{Total Selling Price}-\text{Total Cost Price}$

Substituting the values into the profit equation:
$10\times SP=30\times SP-30\times CP$

Rearranging the terms:
$30\times CP=30\times SP-10\times SP$
$30\times CP=20\times SP$

Now, substitute $CP=480$:
$30\times 480=20\times SP$
$14400=20\times SP$

Solving for $SP$:
$SP=\frac{14400}{20}$
$SP=720$

Thus, the selling price of 1 metre of cloth is ₹720.