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.
Official Guide question
Answer: E
Three houses are being sold through a real estate
This topic has expert replies
-
- Senior | Next Rank: 100 Posts
- Posts: 83
- Joined: Mon Jul 24, 2017 8:16 am
- Followed by:1 members
Timer
00:00
Your Answer
A
B
C
D
E
Global Stats
GMAT/MBA Expert
- Jay@ManhattanReview
- GMAT Instructor
- Posts: 3008
- Joined: Mon Aug 22, 2016 6:19 am
- Location: Grand Central / New York
- Thanked: 470 times
- Followed by:34 members
Timer
00:00
Your Answer
A
B
C
D
E
Global Stats
Say the prices of the three houses are x, y and x, respectively, such that x > y > z.jjjinapinch 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.
Official Guide question
Answer: E
We have to get the value of y.
Statement 1: The difference between the greatest and the least asking price is $130,000.
=> x - z = 130000 ...(1)
No hope to get y. Insufficient.
Statement 2: The difference between the two greater asking prices is $85,000.
=> x - y = 85000 ...(1)
No hope to get y. Insufficient.
Statement 1 & 2:
Even after combining the two statements, we cannot get the value of y. Insufficient.
The correct answer: E
Hope this helps!
Download free ebook: Manhattan Review GMAT Quantitative Question Bank Guide
-Jay
_________________
Manhattan Review GMAT Prep
Locations: New York | New Delhi | Seoul | Cairo | and many more...
Schedule your free consultation with an experienced GMAT Prep Advisor! Click here.
GMAT/MBA Expert
- [email protected]
- Elite Legendary Member
- Posts: 10392
- Joined: Sun Jun 23, 2013 6:38 pm
- Location: Palo Alto, CA
- Thanked: 2867 times
- Followed by:511 members
- GMAT Score:800
Timer
00:00
Your Answer
A
B
C
D
E
Global Stats
Hi jjjinapinch,
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: E
GMAT assassins aren't born, they're made,
Rich
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: E
GMAT assassins aren't born, they're made,
Rich
GMAT/MBA Expert
- Scott@TargetTestPrep
- GMAT Instructor
- Posts: 7247
- Joined: Sat Apr 25, 2015 10:56 am
- Location: Los Angeles, CA
- Thanked: 43 times
- Followed by:29 members
Timer
00:00
Your Answer
A
B
C
D
E
Global Stats
We can let a = the lowest asking price, b = the second-largest asking price, and c = the largest asking price.jjjinapinch 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 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
Scott Woodbury-Stewart
Founder and CEO
[email protected]
See why Target Test Prep is rated 5 out of 5 stars on BEAT the GMAT. Read our reviews
Timer
00:00
Your Answer
A
B
C
D
E
Global Stats
lets assume the price houses sold is a,b,c(increasing order)
looking at the first statement :
1) the difference between max and min selling price is 130000.
so c-a=130000
since there is no way to find b(second largest price) using above equation, so statement 1 alone is not sufficient
2) the difference between two largest selling prices is 85000.
so c-b =85000
statement 2 alone is also not sufficient to find b.
combining both 1) and 2) :
c-a = 130000
c-b = 85000
since there are three variables and only two equations, so it is not possible to find b.
Hence both statements combined are also not sufficient.
Option E is correct.
looking at the first statement :
1) the difference between max and min selling price is 130000.
so c-a=130000
since there is no way to find b(second largest price) using above equation, so statement 1 alone is not sufficient
2) the difference between two largest selling prices is 85000.
so c-b =85000
statement 2 alone is also not sufficient to find b.
combining both 1) and 2) :
c-a = 130000
c-b = 85000
since there are three variables and only two equations, so it is not possible to find b.
Hence both statements combined are also not sufficient.
Option E is correct.