February 17, 2019 February 17, 2019 07:00 AM PST 09:00 AM PST Attend this Free Algebra Webinar and learn how to master Inequalities and Absolute Value problems on GMAT. February 16, 2019 February 16, 2019 07:00 AM PST 09:00 AM PST Aiming to score 760+? Attend this FREE session to learn how to Define your GMAT Strategy, Create your Study Plan and Master the Core Skills to excel on the GMAT.
Author 
Message 
TAGS:

Hide Tags

Manager
Joined: 03 Mar 2018
Posts: 215

There are five homes. If the median price of a home is $200,000
[#permalink]
Show Tags
28 Mar 2018, 06:18
Question Stats:
46% (02:05) correct 54% (02:37) wrong based on 131 sessions
HideShow timer Statistics
There are five homes. If the median price of a home is $200,000, is the range of all prices greater than $80,000? 1) The average price of the five homes is $240,000. 2) Three of five homes have the same price.
Official Answer and Stats are available only to registered users. Register/ Login.
_________________
Please mention my name in your valuable replies.



DS Forum Moderator
Joined: 21 Aug 2013
Posts: 1431
Location: India

Re: There are five homes. If the median price of a home is $200,000
[#permalink]
Show Tags
28 Mar 2018, 10:01
itisSheldon wrote: There are five homes. If the median price of a home is $200,000, is the range of all prices greater than $80,000?
1) The average price of the five homes is $240,000. 2) Three of five homes have the same price. Statement 1:Average price of 5 homes = $240,000. This means total price of 5 homes = 5*240000 = $1,200,000. To keep our range minimum, we should try to keep smallest and largest values (out of these 5) as close as possible. Our smallest value can go up to 200,000 (since thats the median), and in that case, first 3 values will be 200,000 only. So let the price of first 3 homes be $200,000 each. This makes it $600,000. Remaining price of 2 costlier homes = 1,200,000  600,000 = $600,000 In this case, costliest room will get the smallest value if we assume price of 4th and 5th homes to be equal, i.e., $300,000 each. So here we have accomplished the purpose of keeping the smallest and largest value as close as possible. And the range in this case = price of highest  price of lowest = 300,000  200,000 = $100,000. So when here only the range is more than $80,000 then in any other case it will definitely be more than $80,000. Sufficient. Statement 2:Which three homes have same price we don't know. And also this doesn't help in determining the range. So not sufficient. Hence A answer



Manager
Joined: 01 Feb 2018
Posts: 75
Location: India
Concentration: Entrepreneurship, Marketing
GPA: 4
WE: Consulting (Consulting)

There are five homes. If the median price of a home is $200,000
[#permalink]
Show Tags
07 Apr 2018, 05:27
amanvermagmat wrote: itisSheldon wrote: There are five homes. If the median price of a home is $200,000, is the range of all prices greater than $80,000?
1) The average price of the five homes is $240,000. 2) Three of five homes have the same price. Statement 1:Average price of 5 homes = $240,000. This means total price of 5 homes = 5*240000 = $1,200,000. To keep our range minimum, we should try to keep smallest and largest values (out of these 5) as close as possible. Our smallest value can go up to 200,000 (since thats the median), and in that case, first 3 values will be 200,000 only. So let the price of first 3 homes be $200,000 each. This makes it $600,000. Remaining price of 2 costlier homes = 1,200,000  600,000 = $600,000 In this case, costliest room will get the smallest value if we assume price of 4th and 5th homes to be equal, i.e., $300,000 each. So here we have accomplished the purpose of keeping the smallest and largest value as close as possible. And the range in this case = price of highest  price of lowest = 300,000  200,000 = $100,000. So when here only the range is more than $80,000 then in any other case it will definitely be more than $80,000. Sufficient. Statement 2:Which three homes have same price we don't know. And also this doesn't help in determining the range. So not sufficient. Hence A answerI think even B is sufficient.... working for option B. even though we dont know which 2 houses have same price, we have to make either of the choices.. as there are only two choices available if we keep house in ascending order of their value. choice I : 1, 2 & 3 have same price Choice II : 2, 3 & 4 have same price Choice I : 1 2 & 3 have same price, since the median is known to us 200000. price of 1, 2 & 3 totals to 600,000 and rest 3 & 4 have a value of 600,000. now whatever value we give to 4 & 5 range is going to be more than 80,000. Choice II : 2 3 & 4 have same price, again as we know median is 200000. price of 2 3 & 4 totals to 600,000 and rest 1 & 5 have a value of 600,000. now whatever value we give to 1 & 5 range is going to be more than 80,000. Hence under both choices we get same answer that is range of all prices IS greater than $80,000. so even B is sufficient statement. pls help me, if m on the wrong track !!



Manager
Joined: 03 Mar 2018
Posts: 215

There are five homes. If the median price of a home is $200,000
[#permalink]
Show Tags
07 Apr 2018, 06:33
GMAT215 wrote: amanvermagmat wrote: itisSheldon wrote: There are five homes. If the median price of a home is $200,000, is the range of all prices greater than $80,000?
1) The average price of the five homes is $240,000. 2) Three of five homes have the same price. Statement 1:Average price of 5 homes = $240,000. This means total price of 5 homes = 5*240000 = $1,200,000. To keep our range minimum, we should try to keep smallest and largest values (out of these 5) as close as possible. Our smallest value can go up to 200,000 (since thats the median), and in that case, first 3 values will be 200,000 only. So let the price of first 3 homes be $200,000 each. This makes it $600,000. Remaining price of 2 costlier homes = 1,200,000  600,000 = $600,000 In this case, costliest room will get the smallest value if we assume price of 4th and 5th homes to be equal, i.e., $300,000 each. So here we have accomplished the purpose of keeping the smallest and largest value as close as possible. And the range in this case = price of highest  price of lowest = 300,000  200,000 = $100,000. So when here only the range is more than $80,000 then in any other case it will definitely be more than $80,000. Sufficient. Statement 2:Which three homes have same price we don't know. And also this doesn't help in determining the range. So not sufficient. Hence A answerI think even B is sufficient.... working for option B. even though we dont know which 2 houses have same price, we have to make either of the choices.. as there are only two choices available if we keep house in ascending order of their value. choice I : 1, 2 & 3 have same price Choice II : 2, 3 & 4 have same price Choice I : 1 2 & 3 have same price, since the median is known to us 200000. price of 1, 2 & 3 totals to 600,000 and rest 3 & 4 have a value of 600,000. now whatever value we give to 4 & 5 range is going to be more than 80,000. Choice II : 2 3 & 4 have same price, again as we know median is 200000. price of 2 3 & 4 totals to 600,000 and rest 1 & 5 have a value of 600,000. now whatever value we give to 1 & 5 range is going to be more than 80,000. Hence under both choices we get same answer that is range of all prices IS greater than $80,000. so even B is sufficient statement. pls help me, if m on the wrong track !! Hey GMAT215You are falling into the common trap of GMAT DS questions. Using the information of statement 1 in statement 2.If you exclusively consider Statement 2, You only know that three out of five homes have the same price, but you don't know the average price of five homes.(For instance the average price of five homes can be $200,000. In that case range of the homes will be zero) Hope that helps. For more questions to understand this trap, check this out https://gmatclub.com/forum/joannabough ... 01743.htmlhttps://gmatclub.com/forum/thecenters ... 12616.htmlhttps://gmatclub.com/forum/ifnandka ... 83132.htmlhttps://gmatclub.com/forum/15memberso ... l?fl=email
_________________
Please mention my name in your valuable replies.



Intern
Joined: 29 Mar 2015
Posts: 20

Re: There are five homes. If the median price of a home is $200,000
[#permalink]
Show Tags
09 Apr 2018, 07:33
amanvermagmat wrote: itisSheldon wrote: There are five homes. If the median price of a home is $200,000, is the range of all prices greater than $80,000?
1) The average price of the five homes is $240,000. 2) Three of five homes have the same price. Statement 1:Average price of 5 homes = $240,000. This means total price of 5 homes = 5*240000 = $1,200,000. To keep our range minimum, we should try to keep smallest and largest values (out of these 5) as close as possible. Our smallest value can go up to 200,000 (since thats the median), and in that case, first 3 values will be 200,000 only. [/b] Hi, how do you know to find the minimum of the range in the first place? Isn't that also true if the maximum of range is smaller than $80k => range is always smaller than $80K => SUFFICIENT?? Tks



DS Forum Moderator
Joined: 21 Aug 2013
Posts: 1431
Location: India

Re: There are five homes. If the median price of a home is $200,000
[#permalink]
Show Tags
09 Apr 2018, 10:16
akara2500 wrote: amanvermagmat wrote: itisSheldon wrote: There are five homes. If the median price of a home is $200,000, is the range of all prices greater than $80,000?
1) The average price of the five homes is $240,000. 2) Three of five homes have the same price. Statement 1:Average price of 5 homes = $240,000. This means total price of 5 homes = 5*240000 = $1,200,000. To keep our range minimum, we should try to keep smallest and largest values (out of these 5) as close as possible. Our smallest value can go up to 200,000 (since thats the median), and in that case, first 3 values will be 200,000 only. [/b] Hi, how do you know to find the minimum of the range in the first place? Isn't that also true if the maximum of range is smaller than $80k => range is always smaller than $80K => SUFFICIENT?? Tks Hello Yes, if MAX of range is smaller than $80k; => range is always smaller than $80k. Similarly, if MIN of range is greater than $80k; => range is always greater than $80k. And thats what I have shown here.




Re: There are five homes. If the median price of a home is $200,000
[#permalink]
09 Apr 2018, 10:16






