Three houses are being sold through a real estate

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jjjinapinch: Senior | Next Rank: 100 Posts; Posts: 83; Joined: Mon Jul 24, 2017 8:16 amFollowed by: 1 member

by jjjinapinch » Mon Jul 24, 2017 9:29 am

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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.

Official Guide question
Answer: E

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Source: Beat The GMAT — Data Sufficiency | Mon Jul 24, 2017 9:29 am

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Jay@ManhattanReview: GMAT Instructor; Posts: 3008; Joined: Mon Aug 22, 2016 6:19 amFollowed by: 34 members; Location: Grand Central / New York; Thanked: 470 times

by Jay@ManhattanReview » 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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[email protected]: Elite Legendary Member; Posts: 10392; Joined: Sun Jun 23, 2013 6:38 pmFollowed by: 511 members; Location: Palo Alto, CA; Thanked: 2867 times; GMAT Score:800

by [email protected] » 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

GMAT assassins aren't born, they're made,
Rich

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by Scott@TargetTestPrep » 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

Scott Woodbury-Stewart
Founder and CEO
[email protected]

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AdityaBir: Junior | Next Rank: 30 Posts; Posts: 16; Joined: Wed Jan 15, 2020 9:55 pm

Re: Three houses are being sold through a real estate

by AdityaBir » Fri Jan 24, 2020 4:32 am

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.

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