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Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
5%
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Question Stats:
94% (01:00) correct
6%
(01:05)
wrong
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For each home sold in County X, the buyer and the seller each must pay to County X a tax of 0.5 percent of the sale price of the home. Colleen recently sold her old home and bought a new home, both in County X. What was the total tax that Colleen paid to County X on these home sales?
(1) Colleen's old home had a sale price of $169,500.
(2) Colleen's new home had a sale price 20% greater than that of her old home.
(1) Colleen's old home had a sale price of $169,500.
(2) Colleen's new home had a sale price 20% greater than that of her old home.
10 Feb 2017, 17:56
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anairamitch1804
For each home sold in County X, the buyer and the seller each must pay to County X a tax of 0.5 percent of the sale price of the home. Colleen recently sold her old home and bought a new home, both in County X. What was the total tax that Colleen paid to County X on these home sales?
(1) Colleen's old home had a sale price of $169,500.
(2) Colleen's new home had a sale price 20% greater than that of her old home.
Dear anairamitch1804, (1) Colleen's old home had a sale price of $169,500.
(2) Colleen's new home had a sale price 20% greater than that of her old home.
I'm happy to help.
The set up in this problem exemplifies a complaint I used to hear on the East Coast of the US: "They get ya comin' and goin'!" (a little American slang that will NOT be on the GMAT).
Under these bizarre county rules, Colleen will owe two taxes, one as a home seller and one as a home buyer. In order to know the total tax, we would need to know both the price of the house that she sold and the price of the house that she bought.
Statement #1: gives us the price of the old home, but not the new home. Alone, by itself, this statement is not sufficient.
Now, forget all about #1.
Statement #2: this relates the two prices, but now we don't have a single dollar amount. Alone, by itself, this statement is also not sufficient.
Combined statements:
From #1, we know the price of the old house. From #2, we could use the price of the old house to compute the price of the new house. Once we have both prices, that's what we need to answer the prompt question. Combined, the statements are sufficient.
OA = (C)
Does all this make sense?
Mike
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