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

It is currently 01 Aug 2014, 22:46

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

The 15 homes in a new development are each to be sold for

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Intern
Intern
avatar
Joined: 26 Oct 2012
Posts: 1
Followers: 0

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

The 15 homes in a new development are each to be sold for [#permalink] New post 08 Nov 2012, 12:36
1
This post was
BOOKMARKED
00:00
A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

90% (02:07) correct 10% (01:05) wrong based on 51 sessions
The 15 homes in a new development are each to be sold for one of three different prices so that the developer receives an average (arithmetic mean) of $200,000 per home. If 4 of the homes are to be sold for $170,000 each and 5 are to be sold for $200,000 each, what will be the selling price of each of the remaining 6 homes?

A. $200,000
B. $210,000
C. $215,000
D. $220,000
E. $230,000
[Reveal] Spoiler: OA

Last edited by Bunuel on 09 Nov 2012, 01:46, edited 1 time in total.
Renamed the topic and edited the question.
Expert Post
Moderator
Moderator
User avatar
Joined: 01 Sep 2010
Posts: 2333
Followers: 245

Kudos [?]: 2104 [0], given: 680

Re: PS GMAT PREP Quest. [#permalink] New post 08 Nov 2012, 13:09
Expert's post
This is a classic problem that during your gmat exam makes you out of balance, nervous because you deal with a lot of information.

Ok take control of the question. (I have structured my answer step by step, like a process of thoughts)

First of all we have 15 homes so odd number.

Second this 15 is grouped in 3 blocks or groups whatever you want to say.

Now is the best part: one group is 170 of 4 this is important to take in account the other 5 (strees on this) 200

Now look at the answer choices : A is not possible. out

Now is the moment to attack the question. The best strategy here is a weighted average strategy.

considering the average is more or less in the middle, it follows that the group of 6 is what we are looking for and is between 170 and 200 or after 200. We have 170 200 and 6*x and the average is 200: in some place we have to put 6*x

Now in the average what value has a major "weight" No the group pf 4 with 170 ( value 680) but the 5 houses with 200 (value 1000).

So the average tends to the latter or is after, otherwise we do not have 200 like average. In this kind of problem the last value (in increasing order as we can see) is never the answer because put our value to close at the end point of our weighted average.

So the answer must be D

I hope my explanation is useful
_________________

COLLECTION OF QUESTIONS
Quant: 1. Bunuel Signature Collection - The Next Generation 2. Bunuel Signature Collection ALL-IN-ONE WITH SOLUTIONS 3. Veritas Prep Blog PDF Version
Verbal:1. Best EXTERNAL resources to tackle the GMAT Verbal Section 2. e-GMAT's ALL CR topics-Consolidated 3. New Critical Reasoning question bank by carcass 4. Meaning/Clarity SC Question Bank by Carcass_Souvik 5. e-GMAT's ALL SC topics-Consolidated-2nd Edition 6. The best reading to improve Reading Comprehension

TOEFL iBT
Best resources to tackle each section of the TOEFL iBT

Expert Post
Moderator
Moderator
User avatar
Joined: 01 Sep 2010
Posts: 2333
Followers: 245

Kudos [?]: 2104 [0], given: 680

Re: PS GMAT PREP Quest. [#permalink] New post 08 Nov 2012, 16:22
Expert's post
Expert Post
1 KUDOS received
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 18861
Followers: 3279

Kudos [?]: 22985 [1] , given: 2653

Re: The 15 homes in a new development are each to be sold for [#permalink] New post 09 Nov 2012, 01:54
1
This post received
KUDOS
Expert's post
bssys wrote:
The 15 homes in a new development are each to be sold for one of three different prices so that the developer receives an average (arithmetic mean) of $200,000 per home. If 4 of the homes are to be sold for $170,000 each and 5 are to be sold for $200,000 each, what will be the selling price of each of the remaining 6 homes?

A. $200,000
B. $210,000
C. $215,000
D. $220,000
E. $230,000


Since the average price of 15 of the homes is $200, then the total price of these homes is 15*$200=$3,000.

The total price of 4 of the homes is 4*$170=$680;
The total price of 5 of the homes is 5*$200=$1,000;

Therefore the total price of the remaining 6 of the homes is $3,000-($680+$1,000)=$1,320. The average price per home is $1,320/6=$220.

Answer: D.

Hope it's clear.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

COLLECTION OF QUESTIONS:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Intern
Intern
avatar
Joined: 27 Feb 2012
Posts: 37
Followers: 1

Kudos [?]: 0 [0], given: 5

The 15 homes in a new development are each to be sold for [#permalink] New post 19 Jan 2013, 23:24
The 15 homes in a new development are each to be sold for one of three different prices so that the developer receives an average (arithmetic mean) of $200,000 per home. If 4 of the homes are to be sold for $170,000 each and 5 are to be sold for $200,000 each, what will be the selling price of each of the remaining 6 homes?

A) $200,000
B) $210,000
C) $215,000
D) $220,000
E) $230,000


This was taken from GMAT prep test, but i didnt know that when you exit out you can not review the correct answers for the test.
Expert Post
1 KUDOS received
Verbal Forum Moderator
Verbal Forum Moderator
User avatar
Status: Preparing for the another shot...!
Joined: 03 Feb 2011
Posts: 1425
Location: India
Concentration: Finance, Marketing
GPA: 3.75
Followers: 126

Kudos [?]: 571 [1] , given: 62

GMAT ToolKit User GMAT Tests User Premium Member
Re: The 15 homes in a new development are each to be sold for [#permalink] New post 20 Jan 2013, 00:13
1
This post received
KUDOS
Expert's post
jsphcal wrote:
The 15 homes in a new development are each to be sold for one of three different prices so that the developer receives an average (arithmetic mean) of $200,000 per home. If 4 of the homes are to be sold for $170,000 each and 5 are to be sold for $200,000 each, what will be the selling price of each of the remaining 6 homes?

A) $200,000
B) $210,000
C) $215,000
D) $220,000
E) $230,000


This was taken from GMAT prep test, but i didnt know that when you exit out you can not review the correct answers for the test.

IMO the answer has to be D.
5 houses are being sold for 200,000. 4 houses are being sold for $30,000 less, resulting in a loss of $120,000. To make the average selling price intact i.e. $200,000, the remaining 6 houses must be sold at such a profit that it compensates for the loss of 120,000. Hence 6x=120,000.
x=20,000.
The 6 houses are sold at $20,000 profit or at $220,000.
+1D
_________________

Prepositional Phrases Clarified|Elimination of BEING| Absolute Phrases Clarified
Rules For Posting
www.Univ-Scholarships.com

Expert Post
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 18861
Followers: 3279

Kudos [?]: 22985 [0], given: 2653

Re: The 15 homes in a new development are each to be sold for [#permalink] New post 20 Jan 2013, 03:52
Expert's post
jsphcal wrote:
The 15 homes in a new development are each to be sold for one of three different prices so that the developer receives an average (arithmetic mean) of $200,000 per home. If 4 of the homes are to be sold for $170,000 each and 5 are to be sold for $200,000 each, what will be the selling price of each of the remaining 6 homes?

A) $200,000
B) $210,000
C) $215,000
D) $220,000
E) $230,000


This was taken from GMAT prep test, but i didnt know that when you exit out you can not review the correct answers for the test.


Merging similar topics. Please refer to the solutions above.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

COLLECTION OF QUESTIONS:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Re: The 15 homes in a new development are each to be sold for   [#permalink] 20 Jan 2013, 03:52
    Similar topics Author Replies Last post
Similar
Topics:
Last month 15 homes were sold in Town X. The tlntd42 6 30 Sep 2007, 19:34
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 ( LM 2 23 Jun 2007, 01:47
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

The 15 homes in a new development are each to be sold for

  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®.