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If in 1985 the per capita income was $7,200 and the ratio of

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If in 1985 the per capita income was $7,200 and the ratio of [#permalink] New post 12 Jul 2018, 09:28
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If in 1985 the per capita income was $7,200 and the ratio of the median sale price of an existing home to per capita income was the same as in 1980, what was the median sale price of an existing home in 1985 ?

(A) $50,040

(B) $44,640

(C) $11,600

(D) 55,040

(E) S1,160
[Reveal] Spoiler: OA

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Re: If in 1985 the per capita income was $7,200 and the ratio of [#permalink] New post 12 Jul 2018, 18:58
Carcass wrote:
Attachment:
price.jpg


If in 1985 the per capita income was $7,200 and the ratio of the median sale price of an existing home to per capita income was the same as in 1980, what was the median sale price of an existing home in 1985 ?

(A) $50,040

(B) $44,640

(C) $11,600

(D) 55,040

(E) S1,160


Here the per capita income in 1985 = $7,200,

The ratio of the median sale price of an existing home to per capita income in 1980 = 6.2 (From 2nd graph)

Since it was given that the median sale price of an existing home to per capita income in 1980 is same as in 1985,

So we can write as :

median sale price of an existing home in 1985 ÷ per capita income = ratio of the median sale price of an existing home to per capita income in 1980

or median sale price of an existing home in 1985 ÷ 7200 = 6.2

or median sale price of an existing home in 1985 = 6.2 * 7200 = $44,640
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Re: If in 1985 the per capita income was $7,200 and the ratio of   [#permalink] 12 Jul 2018, 18:58
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