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Three houses are being sold through a real estate agent

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Three houses are being sold through a real estate agent  [#permalink]

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New post Updated on: 19 Sep 2015, 13:39
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Question Stats:

88% (01:14) correct 12% (01:16) wrong based on 1366 sessions

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Three houses are being sold through a real estate agent. What is the asking price for the house with the second-largest asking price?

(1) The difference between the greatest and the least asking price is $130,000.
(2) The difference between the two greater asking prices is $85,000.

Source: [OG 2016]

Originally posted by BrainLab on 19 Sep 2015, 12:06.
Last edited by ENGRTOMBA2018 on 19 Sep 2015, 13:39, edited 1 time in total.
Edited the question and renamed the topic
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Re: Three houses are being sold through a real estate agent  [#permalink]

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New post 15 Dec 2017, 17:46
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Hi All,

We're told that three houses are being sold. We're asked for the price with the second-largest asking price. This DS question can be solved by TESTing VALUES.

1) The difference between the greatest and the least asking price is $130,000.

IF....
The largest price = $200,000
Then the least price = $70,000
Then the 2nd-largest price could be ANY value between those two.
Fact 1 is INSUFFICIENT

2) The difference between the two greater asking prices is $85,000.

IF....
The largest price = $200,000
Then the 2nd-largest price = $115,000

IF....
The largest price = $210,000
Then the 2nd-largest price = $125,000
Fact 2 is INSUFFICIENT

Combined, we have an unlimited number of possible outcomes, including two that we've already noted above (with the least price included):

IF....
The largest price = $200,000
Then the 2nd-largest price = $115,000
Then the least price = $70,000

IF....
The largest price = $210,000
Then the 2nd-largest price = $125,000
Then the least price = $80,000
Combined, INSUFFICIENT

Final Answer:

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Re: Three houses are being sold through a real estate agent  [#permalink]

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New post 19 Sep 2015, 13:48
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BrainLab wrote:
Three houses are being sold through a real estate agent. What is the asking price for the house with the second-largest asking price?

(1) The difference between the greatest and the least asking price is $130,000.
(2) The difference between the two greater asking prices is $85,000.

Source: [OG 2016]


Follow posting guidelines. For a particular source of the official guide, mention it in the question and not in the topic.

Let the 3 houses be a,b and c with a<b<c. Per the question, b=?

Per statement 1, c-a=130000, no information about 'b'. Not sufficient.

Per statement 2, c-b=85000, no unique information about 'b'. Not sufficient.

Combining the 2 statements, c-a=130000 and c-b=85000, we have 2 unique equations and 3 variables. We will not be able to find 1 unique value of 'b'. Thus E is the correct answer.
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Re: Three houses are being sold through a real estate agent  [#permalink]

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New post 19 Dec 2017, 07:10
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BrainLab wrote:
Three houses are being sold through a real estate agent. What is the asking price for the house with the second-largest asking price?

(1) The difference between the greatest and the least asking price is $130,000.
(2) The difference between the two greater asking prices is $85,000.


We can let a = the lowest asking price, b = the second-largest asking price, and c = the largest asking price.

We need to determine b.

Statement One Alone:

The difference between the greatest and the least asking price is $130,000.

Thus, c - a = 130,000; however, we cannot determine b. Statement one alone is not sufficient to answer the question.

Statement Two Alone:

The difference between the two greater asking prices is $85,000.

Thus c - b = 85,000. However, without knowing the value of c, statement two alone is not sufficient to answer the question.

Statements One and Two Together:

We have:

c - a = 130,000

and

c - b = 85,000

Even with these two equations, we still cannot determine b.

Answer: E
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Re: Three houses are being sold through a real estate agent  [#permalink]

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New post 23 May 2020, 07:37
BrainLab wrote:
Three houses are being sold through a real estate agent. What is the asking price for the house with the second-largest asking price?

(1) The difference between the greatest and the least asking price is $130,000.
(2) The difference between the two greater asking prices is $85,000.

Source: [OG 2016]



Another approach:

A = Asking price of most expensive house
B = Asking price of 2nd most expensive house
c = Asking price of least expensive house

now according to (1) A-C=130,000
and according to (2) A-B=85,000

Now (1) - (2) gives B-C=45,000

Now adding all 2A-2B-2C=260,000 i.e. A-B-C=130,000 since we know A-C=130,000 Therefore B=0 which is not possible.

Hence E
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Re: Three houses are being sold through a real estate agent   [#permalink] 23 May 2020, 07:37

Three houses are being sold through a real estate agent

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