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# In a survey of homeowners, what percent had refinanced their home in

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Math Expert
Joined: 02 Sep 2009
Posts: 58335
In a survey of homeowners, what percent had refinanced their home in  [#permalink]

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31 Dec 2017, 12:27
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Difficulty:

25% (medium)

Question Stats:

78% (01:43) correct 22% (01:09) wrong based on 47 sessions

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In a survey of homeowners, what percent had refinanced their home in the last five years?

(1) 35 percent of the homeowners surveyed who lived in City X had refinanced their home in the last five years, and 30 percent of the homeowners surveyed who did not live in City X had refinanced their home in the last five years.

(2) The ratio of homeowners surveyed who lived in City X to those who did not live in City X was 3 : 1.

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Intern
Joined: 30 May 2017
Posts: 36
GMAT 1: 730 Q49 V41
Re: In a survey of homeowners, what percent had refinanced their home in  [#permalink]

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06 Jan 2018, 08:46
1
In a survey of homeowners, what percent had refinanced their home in the last five years?

(1) 35 percent of the homeowners surveyed who lived in City X had refinanced their home in the last five years, and 30 percent of the homeowners surveyed who did not live in City X had refinanced their home in the last five years.

(2) The ratio of homeowners surveyed who lived in City X to those who did not live in City X was 3 : 1

Hi,

Let the total people surveyed =T
T=A+B
where A is no. of people who lived in city X
B is the no. of people who didn't live in city X

1.
0.35A+0.3B is what percent of A+B

(0.35A+o.3B)/A+B * 100

but numerator isn't a multiple of the denominator (A+B).Hence insufficient

BCE
2. A/B=3 Insufficient as we don't have any info on the percentage.
CE

From 1 and 2

(0.35A+o.3B)/A+B * 100

and A/B=3

we will get a percent definitely Hence C is correct.

Let me know if there's a flaw.
Intern
Joined: 06 Jan 2018
Posts: 2
In a survey of homeowners, what percent had refinanced their home in  [#permalink]

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07 Jan 2018, 07:58
The question asks what percent refinanced? It is not specifically for city X
Statement 1 - provides a break up for city x and non-city x. We can form an equation in terms of city X (X) people and non-city X(NX) people.
(0.35X + 0.3NX)/(X + NX) * 100
Clearly we need a correlation between X and NX to find the percentage. So this statement alone is not enough.

Statement 2 - This simply provides the ratio of city x vs non-city x. So this alone is not sufficient to answer.

However statement 2 provides the missing bit i.e. correlation we are seeking. And that is 3X = NX. So together the 2 statements answer the question. Correct answer: C
In a survey of homeowners, what percent had refinanced their home in   [#permalink] 07 Jan 2018, 07:58
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