1. The problem states that the marked price (m.p) of an item is 1550 and the discount given is 8%.\n\n2. We need to find the selling price after applying the discount.\n\n3. The discount amount is calculated as \n$$\text{Discount} = \frac{\text{discount percentage}}{100} \times \text{marked price} = \frac{8}{100} \times 1550 = 124.\$$\n\n4. The selling price is the marked price minus the discount amount:\n$$\text{Selling Price} = 1550 - 124 = 1426.\$$\n\n5. Therefore, the selling price after an 8% discount on a marked price of 1550 is 1426.