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Math Expert
Joined: 02 Sep 2009
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In a survey of homeowners, what percent had refinanced their home in [#permalink]
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31 Dec 2017, 12:27
Question Stats:
79% (01:07) correct 21% (01:02) wrong based on 42 sessions
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Intern
Joined: 30 May 2017
Posts: 41

Re: In a survey of homeowners, what percent had refinanced their home in [#permalink]
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06 Jan 2018, 08:46
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
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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 noncity x. We can form an equation in terms of city X (X) people and noncity 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 noncity 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
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07 Jan 2018, 07:58






