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Three houses are being sold through a real estate

This topic has 3 expert replies and 0 member replies
jjjinapinch Senior | Next Rank: 100 Posts Default Avatar
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24 Jul 2017
Posted:
83 messages

Three houses are being sold through a real estate

Post Mon Jul 24, 2017 9:29 am
Elapsed Time: 00:00
  • Lap #[LAPCOUNT] ([LAPTIME])
    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

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    Post Mon Jul 24, 2017 11:02 pm
    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
    Say the prices of the three houses are x, y and x, respectively, such that x > y > z.

    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!

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    Post Tue Jul 25, 2017 6:17 pm
    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

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    Post Wed Jul 26, 2017 3:26 pm
    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 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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