Final answer:
Lily can make 8 bags with an equal number of chocolate chip cookies and an equal number of vanilla wafers in each bag. Each bag will contain 3 chocolate chip cookies and 4 vanilla wafers.
Step-by-step explanation:
The largest number of bags Lily can make with an equal number of chocolate chip cookies and an equal number of vanilla wafers in each bag can be found by finding the greatest common divisor (GCD) of the two quantities. The GCD of 24 and 32 is 8. Therefore, Lily can make 8 bags.
In each bag, there will be 3 chocolate chip cookies and 4 vanilla wafers. This is because 24 divided by 8 is 3, and 32 divided by 8 is 4