Ashok sells a Ruby to his friend Nitin at a profit of 40% and Nitin sells it to his neighbor Varun at a profit of 25%. If the neighbor pays Rs. 56 lakhs to buy the Ruby, What had it cost to Ashok (in lakhs)?
1
Rs. 30 Lakhs
2
Rs. 28 Lakhs
3
Rs. 32 Lakhs
4
Rs. 31 Lakhs
5
Rs. 30.5 Lakhs