nalinnair wrote:
Was the range of the amounts of money that Company Y budgeted for its projects last year equal to the range of the amounts of money that it budgeted for its projects this year?
(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.
We have to figure out if range of budgets was equal to that of this year. If we could calculate the largest value- smallest value, then we will get the answer.
(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
Total number of projects= 12
Same value of $400 was allocated for least budgeted project.
We don't know the value allocated to highest budgeted project. Insufficient
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.
Mean is 2000, but we don't know total number of projects and lowest and highest value. Insufficient.
Combining both statement.
Total value allocated= 12*2000= 24000
lowest value= 400
Remaining 236000 can be spread across 11 projects in any way, or the spread could be different for last year and this year. Not sufficient.
E is the answer