IBM and KTC quote for a tender. On the tender opening day, IBM 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 KTC's quoted price. KTC realizes that the final quotes of the two were in the ratio 3:4. What was the price at which IBM won the bid? Choose the correct choice from the following choices.
A) Rs. 7 lakh	B) Rs. 3 lakh	C) Rs. 4 lakh	D) Rs. 1.5 lakh	E) None of these
Explanation :   IBM initially quoted Rs 7x lakh. KTC quoted 4x lakh.   IBM's final quote = (4x−1) Lakh.   Thus, (4x−1)/4=3/4   i.e x=1.   Hence, IBM's bid winning price = Rs 3 Lakh.   Answer : Rs. 3 lakh
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IBM and KTC quote for a tender. On the tender opening day, IBM 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 KTC's quoted price. KTC realizes that the final quotes of the two were in the ratio 3:4. What was the price at which IBM won the bid?