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

BREAKING: Target Test Prep releases Brand New 2026 On Demand GMAT prep course

Redeem

This topic has expert replies

Post new topic Post Reply

Previous Topic Next Topic

Gmat_mission: Legendary Member; Posts: 1622; Joined: Thu Mar 01, 2018 7:22 am; Followed by:2 members

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

by Gmat_mission » Thu Jan 07, 2021 10:54 am

Timer

00:00

Your Answer

Global Stats

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.

Answer: E

Source: Official Guide

Quote

Source: Beat The GMAT — Data Sufficiency | Thu Jan 07, 2021 10:54 am

deloitte247: Legendary Member; Posts: 2214; Joined: Fri Mar 02, 2018 2:22 pm; Followed by:5 members

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

by deloitte247 » Sun Jan 17, 2021 8:08 am

Timer

00:00

Your Answer

Global Stats

Target question: What is the asking price for the house with the second-largest asking price?

Statement 1: The difference between the greatest and the least asking price is $130,000.
If largest price = $200,000, then the least price = $200000 - $130000 = $70000
The second largest price could be any value between $70000 and $200000.
Since the answer is not definite, statement 1 is, therefore, NOT SUFFICIENT.

Statement 2: The difference between the two greater asking prices is $85,000.
Let the second largest price = x
If the largest price = $200000, then $200000 - x = $85000
Therefore, x = $200000 - $85000 = $115000

If the largest price = $190000, then $190000 - x = $85000
Therefore, x = $190000 - $85000 = $105000
Since the answer is not definite, statement 2 is, therefore, NOT SUFFICIENT.

Combining both statements together:
The difference between the greatest and least asking price is $130000, and the difference between 2 greater asking price is $85000, So, assuming that the largest price = $200000, then the 2nd largest and least price will be $115000 and $70000 respectively.

Assuming that the largest price = $200000, then the 2nd largest and least price will be $125000 and $80000 respectively. Since the answer is not definite, both statements combined are NOT SUFFICIENT.

Answer = option E