The problem asks for the volume of a cube, given the total cost of painting all its external surfaces and the painting rate.
First, find the total surface area that was painted. This is done by dividing the total cost by the rate per square centimeter.
Total Surface Area (TSA) = $\frac{\text{Total Cost}}{\text{Rate}}$
TSA = $\frac{₹588}{₹2/\text{cm}^2}$ = 294 cm$^2$
The formula for the total surface area of a cube with side length '$a$' is $6a^2$. We use the TSA calculated in Step 1 to find '$a$'.
Finally, calculate the volume of the cube using the side length '$a$' found in Step 2. The formula for the volume (V) of a cube is $a^3$.
The volume of the cube is 343 cm$^3$. This matches option B.