Think and Learn Pvt. Ltd. and Byju’s Classes quote for a tender. On the tender opening day, Think and Learn Pvt. Ltd. realizes that their quotations are in the ratio 7:4 and hence decreases its price during negotiations to make it Rs 1 lakh lower than Byju’s Classes quoted price. Byju’s Classes realizes that the final quotes of the two are in the ratio 3:4. What was the price at which Think and Learn Pvt. Ltd. won the bid?
3 lakh
Let 7x and 4x be the initial bids and 3y and 4y be the final bids
Given 4y-3y=1 lakh
So y=1 lakh
So the price at which Think and Learn Pvt. Ltd. won the bid is 3 lakhs.