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Updated on: 19 Sep 2015, 14:39
Originally posted by BrainLab on 19 Sep 2015, 13:06.
Last edited by ENGRTOMBA2018 on 19 Sep 2015, 14:39, edited 1 time in total.
Last edited by ENGRTOMBA2018 on 19 Sep 2015, 14:39, edited 1 time in total.
Edited the question and renamed the topic
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E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
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89% (01:14) correct
11%
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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]
(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]
ENGRTOMBA2018
Joined: 20 Mar 2014
Last visit: 01 Dec 2021
Posts: 2,319
Given Kudos: 816
Concentration: Finance, Strategy
Schools: Kellogg '18 (M)
GMAT 1: 750 Q49 V44
GPA: 3.7
WE:Engineering (Aerospace and Defense)
Products:
19 Sep 2015, 14:48
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BrainLab
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.
19 Dec 2017, 08:10
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BrainLab
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
