Last month 15 homes were sold in town X. The average sale price of teh homes was $ 150,000 and the median sales price was $130,000. Which of the following must be true?
I. At least one of the homes was sold for more than $165,000
II._____________________________ more than $130,000 and less than $150,000.
III. _____________________________ less than $130,000.
A.I only
B.II only
C. III only
D. I and II
E. I and III
To make it simple.....
since the median of the 15 values is 13,000 and mean of 15 values is 15,000....
x be the individual value of 1st 7 values <=13000
y be the individual value of last 7 values > 13000
for reducing the complexity i hv taken the first 7 values commonly as x and same with last values as y
==> (7x + 13000 + 7y) = 15*15000
7x+7y = 2,12,000
x+y = 30,300 (approx)
To calculate min value of Y ....take the Max value of x is 13000...
==> y = 17,300 ( Min value of last 7 values)
Hence we get I as the minimum answer.......
By using the same equations written above....since we havent used any value that is either <13000 or in between 13000 and 15000...I & II cannot be compulsary conditions....hence can be eliminated.........
Regards
Madhav
Correct me if i was wrong.......