Given:
The average price of 80 mobile phones is Rs. 30,000.
After selling the highest and lowest price mobile phones, the average price of the remaining 78 mobile phones is Rs. 29,500.
The cost of the highest mobile phone is Rs. 80,000.
Formula Used:
Average = Number of itemsSum of all items
Solution:
Sum of prices of 80 mobile phones = 30,000 × 80 = Rs. 24,00,000
Sum of prices of 78 mobile phones = 29,500 × 78 = Rs. 23,01,000
The difference between the sum of prices before and after selling the two phones is Rs. 24,00,000 - Rs. 23,01,000 = Rs. 99,000
The sum of the highest and lowest priced mobile phones is Rs. 99,000.
Since the highest priced mobile is Rs. 80,000, the cost of the lowest priced mobile is:
= 99,000 - 80,000 = Rs. 19,000
Therefore, the cost of the lowest priced mobile is Rs. 19,000.