The original price of the bag was reduced by $500 x 5/100 = $<<500*5/100=25>>25.
So its selling price after a week was $500 - $25 = $<<500-25=475>>475.
The price of the bag was again reduced by $475 x 4/100 = $<<475*4/100=19>>19.
So, its selling price now is $475 - $19 = $<<475-19=456>>456.
Therefore, the total reduction from the selling price is $500 - $456 = $<<500-456=44>>44.
#### 44