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Updated on: 07 Jul 2008, 20:57
Originally posted by gmat_crack on 13 Jun 2006, 21:14.
Last edited by gmat_crack on 07 Jul 2008, 20:57, edited 1 time in total.
Last edited by gmat_crack on 07 Jul 2008, 20:57, edited 1 time in total.
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Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
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Please explain the underneath concept.
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Hi there,
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13 Jun 2006, 21:38
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Interesting question. Looks like GMATPrep has infinite number of questions.
I. Lets pick the best case scenario:
8 houses have pirce equal to median price 130k
Their sum = 130k*8 = 1040k
Mean = 150k
Sum = 15*150k = 2250k
So rest of 7 houses should have average price = (2250k-1040k)/7 = 1210/7 = 172.xx k
Since the best case average of 7 houses is 172.xxk, atlease one of them should be > 165k
II. Not necessarily true. Consider the above example where 8 houses are 130k and 7 houses are 172.xxk, it is not true
III. Same example as above. Not necessarily true
Hence A.
I. Lets pick the best case scenario:
8 houses have pirce equal to median price 130k
Their sum = 130k*8 = 1040k
Mean = 150k
Sum = 15*150k = 2250k
So rest of 7 houses should have average price = (2250k-1040k)/7 = 1210/7 = 172.xx k
Since the best case average of 7 houses is 172.xxk, atlease one of them should be > 165k
II. Not necessarily true. Consider the above example where 8 houses are 130k and 7 houses are 172.xxk, it is not true
III. Same example as above. Not necessarily true
Hence A.
13 Jun 2006, 21:51
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giddi77
Bingo. I did in exactly same way.
