Find all School-related info fast with the new School-Specific MBA Forum

It is currently 23 Oct 2014, 23:21

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Last month 15 homes were sold in Town X. The average (

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Director
Director
User avatar
Joined: 03 Sep 2006
Posts: 889
Followers: 6

Kudos [?]: 169 [0], given: 33

Last month 15 homes were sold in Town X. The average ( [#permalink] New post 23 Jun 2007, 01:47
00:00
A
B
C
D
E

Difficulty:

(N/A)

Question Stats:

0% (00:00) correct 0% (00:00) wrong based on 1 sessions
Last month 15 homes were sold in Town X. The average ( arithmetic mean ) sale price of the homes was $ 150,000 and the median sale price was $130,000. Which of the following statements must be true?

I. At least one of the homes was sold for more than $165,000.

II. At least one of the homes was sold for more than $ 130,000 and less than $150,000.

III. At least one of the homes was sold for less than $ 130,000.

A. I only

B. II only

C. III only

D. I and II

E. I and III
Director
Director
User avatar
Joined: 14 Jan 2007
Posts: 782
Followers: 2

Kudos [?]: 56 [0], given: 0

 [#permalink] New post 23 Jun 2007, 04:11
Should be 'A'.

Average is 150k. Total value = 15*150k = 2250k
The median is 130k.
To evaluate the stmt I:
Eight homes are with values 130k each. The remaining 7 will be of total value 1210k. This means the costliest home will have the value at least of 1210/7 = 170k (approx).
Hence the statement I is true.

II and III are not necessarily true.[/b]
Director
Director
User avatar
Joined: 03 Sep 2006
Posts: 889
Followers: 6

Kudos [?]: 169 [0], given: 33

 [#permalink] New post 23 Jun 2007, 05:01
vshaunak@gmail.com wrote:
Should be 'A'.

Average is 150k. Total value = 15*150k = 2250k
The median is 130k.
To evaluate the stmt I:
Eight homes are with values 130k each. The remaining 7 will be of total value 1210k. This means the costliest home will have the value at least of 1210/7 = 170k (approx).
Hence the statement I is true.

II and III are not necessarily true.[/b]


Thanks very good, fast and logical explanation.
  [#permalink] 23 Jun 2007, 05:01
    Similar topics Author Replies Last post
Similar
Topics:
1 Experts publish their posts in the topic Last month 15 homes were sold in Town X. The average meesawoosa 3 12 May 2009, 16:38
Last month 15 homes were sold in Town X. The average avenger 4 06 Oct 2007, 17:13
Last month 15 homes were sold in Town X. The average sale briks123 2 23 Jul 2007, 07:28
Last month 15 homes were sold in town X. The average ffgmat 10 30 Jan 2006, 22:42
Last month 15 homes were sold in Town X. The average Dan 2 23 Jul 2005, 01:59
Display posts from previous: Sort by

Last month 15 homes were sold in Town X. The average (

  Question banks Downloads My Bookmarks Reviews Important topics  


GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.