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15 homes

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Senior Manager
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15 homes [#permalink]

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New post 12 Jun 2009, 06:07
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27) Last month 15 homes were sold in Town X. The average sale price of the houses was $150,000 and the median sales price was $130,000. Which must be true?
At least 1 house sold for > $165,000
At least 1 house sold for > $130,000 but < $150,000
At least 1 home sold for < $130,000
a. I
b. II
c. III
d. I and II
e. I and III


Oa is a

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Re: 15 homes [#permalink]

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New post 12 Jun 2009, 10:23
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Assume one extreme scenario:



8 houses priced @ $130,000 \(\Rightarrow\) Median = $130,000.

For the average of 15 houses to be $150,000 the sum of the rest of 7 houses should be (7 * $150,000 + 8 * 20,000) \(\Rightarrow\) Average of rest of 7 houses \(\approx\) $173,000.


Only the first condition MUST BE TRUE.

Answer A.




Please do not post OA until you get a few replies.

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Re: 15 homes [#permalink]

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New post 12 Jun 2009, 14:08
If the median price is 130K, it means at least one house is sold below that value which makes III as correct statement.

I'll go with E.

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Re: 15 homes [#permalink]

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New post 12 Jun 2009, 14:23
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abhitheCEO wrote:
If the median price is 130K, it means at least one house is sold below that value which makes III as correct statement.

I'll go with E.



I disagree.

What if the lowest price home and the median price are both $130,000 ?

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Re: 15 homes [#permalink]

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New post 12 Jun 2009, 15:41
goldeneagle94 wrote:
abhitheCEO wrote:
If the median price is 130K, it means at least one house is sold below that value which makes III as correct statement.

I'll go with E.



I disagree.

What if the lowest price home and the median price are both $130,000 ?



got it. :-D

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Re: 15 homes   [#permalink] 12 Jun 2009, 15:41
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