Cost of Type-I Liquid is Rs. 32 per ltr; Cost of Type-II Liquid is Rs. 40 per ltr. If both types of liquids are mixed in the ratio 3:5 to create a new type of Liquid (named Type-III), then determine the cost per ltr of the newly created Type-III Liquid, considering the fact that there have been no other costs involved in creation of the new liquid ?
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For mixture problems, use the weighted average formula: $\text{Price} = \frac{r_1 \times p_1 + r_2 \times p_2}{r_1 + r_2}$, where $r_1, r_2$ are the mixing ratios and $p_1, p_2$ are the prices.