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QOTD #5 Homes sold in county T

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4 KUDOS received
GMAT Club Legend
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Joined: 07 Jun 2014
Posts: 4749
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
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Kudos [?]: 1657 [4] , given: 396

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QOTD #5 Homes sold in county T [#permalink] New post 19 Jul 2016, 17:41
4
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Expert's post
00:00

Question Stats:

75% (04:50) correct 25% (00:00) wrong based on 4 sessions
Image
20. Which of the following is closest to the mean of the prices of the 700 homes sold in 2012 and 2013 combined?

A. $265,000
B. $270,000
C. $275,000
D. $280,000
E. $285,000
[Reveal] Spoiler: OA
B


21. By approximately what percent did the median price of homes sold in County T decrease from 2011 to 2012 ?
A. 10%
B. 15%
C. 25%
D. 33%
E. 50%

[Reveal] Spoiler: OA
C


22. Based on the information given, which of the following statements about the sum of the prices of all the homes sold in a given year must be true?

Indicate all such statements.

A. The sum of the prices for 2010 was greater than the sum for 2009.
B. The sum of the prices for 2010 was greater than the sum for 2011.
C. The sum of the prices for 2009 was greater than the sum for 2011.


[Reveal] Spoiler: OA
B and C


23. County T collected a tax equal to 3 percent of the price of each home sold in the county in 2009. Approximately how much did County T collect in taxes from all homes sold in 2009?

A. $38,000
B. $260,000
C. $380,000
D. $2,600,000
E. $3,800,000

[Reveal] Spoiler: OA
E



Practice Questions
Question: 20 - 23
Page: 125 -126


[Reveal] Spoiler: Img
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test.jpg [ 140.27 KiB | Viewed 5217 times ]



[Reveal] Spoiler: Img
Attachment:
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test.jpg [ 140.27 KiB | Viewed 5217 times ]

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Sandy
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Last edited by sandy on 01 Sep 2016, 08:07, edited 3 times in total.
Edited by Carcass
1 KUDOS received
GMAT Club Legend
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Joined: 07 Jun 2014
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GRE 1: Q167 V156
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Re: Homes sold in county T [#permalink] New post 19 Jul 2016, 17:47
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Explanation

Question 20

The number of homes sold is given in the table, and the mean of the prices is given in the line graph.

The mean price of the 700 homes sold in 2012 and 2013 is the weighted average of the mean price of the 410 homes sold in 2012, which is $250,000, and the mean price of the 290 homes sold in 2013, which is $300,000:

\(\frac{(410*($250,000)+290*($300,000))}{700} = $270,714\).

Of the choices given, the closest is $270,000. The correct answer is Choice B.


Question 21

The median prices are given in the line graph. The median price decreased from $200,000 in 2011 to $150,000 in 2012, which is a decrease of $50,000. As a percent of the 2011 price, this is \(\frac{(50,000)}{(200,000)}*100%\), or 25%. The correct answer is Choice C.

Question 22

For each year, the sum of the prices is equal to the number of homes sold times the mean price of the homes sold.

For 2010, the sum is equal to (351)($275,000), or $96,525,000.
For 2009, the sum is (503)($250,000), or $125,750,000, which is greater than the sum for 2010. So statement A is false.
For 2011, the sum is (390)($175,000), or $68,250,000, which is less than the sum for 2010. So statement B is true.
Since the sum for 2009 is greater than the sum for 2011, statement C is true.

The correct answer consists of Choices B and C.

Question 23

The total price of all the homes sold in 2009 is equal to the number of homes sold times the mean price of the homes sold. The tax is 3% of this amount. Since the choices given are far apart, there is no need for accurate computations. Using estimation, you get a total price of about (500) ($250,000), or $125 million. The tax of 3% is (0.03)($125 million), or approximately $3.75 million. Of the choices given, $3,800,000 is closest to this amount. The correct answer is Choice E.
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Re: QOTD #5 Homes sold in county T [#permalink] New post 01 Sep 2016, 06:59
Hi Sandy, I think,Q.20 is not related with this graph,please replace it with the relevant question statement;it is related with previous grapgh
GMAT Club Legend
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User avatar
Joined: 07 Jun 2014
Posts: 4749
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 93

Kudos [?]: 1657 [0], given: 396

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Re: QOTD #5 Homes sold in county T [#permalink] New post 01 Sep 2016, 08:08
Expert's post
yasir9909 wrote:
Hi Sandy, I think,Q.20 is not related with this graph,please replace it with the relevant question statement;it is related with previous grapgh



Thanks fixed!
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Sandy
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