Question

If a real estate agent received a commission of 10% of the selling price of a certain house, what was the selling price of the house?
Statement 1: The difference between the selling price and the real estate agent’s commission is ` 630,000
Statement 2: The selling price is 350% of the original purchase price of ` 200,000

• A. statement (1) alone is sufficient to answer the question
• B. statement (2) alone is sufficient to answer the question
• C. both the statements together are needed to answer the question
• D. statement (1) alone or statement (2) alone is sufficient to answer the question
• E. neither statement (1) nor statement (2) suffices to answer the question

Answer 1

The Correct Option is D

To determine the selling price of the house, we need to analyze the information given in each statement:

1. Statement 1 states that the difference between the selling price and the real estate agent’s commission is ₹630,000.
   • Let S be the selling price of the house.
   • The real estate agent's commission is 10% of the selling price, which can be expressed as 0.10S.
   • The difference between the selling price and the commission is given by S - 0.10S = 0.90S.
   • According to statement 1, 0.90S = 630,000.
   • Solving for S:

     S = 630,000/0.90

   • This calculation will give the value of S, the selling price of the house. Therefore, statement 1 alone is sufficient.
2. Statement 2 tells us that the selling price is 350% of the original purchase price of ₹200,000.
   • The original purchase price is ₹200,000.
   • The selling price S is 350% of this purchase price.
   • This can be expressed as:

     S = 3.5 x 200,000 = 700,000

   • With this information, we can directly calculate the selling price. Therefore, statement 2 alone is also sufficient.

In conclusion, either statement alone provides enough information to determine the selling price of the house. Thus, the correct answer is statement (1) alone or statement (2) alone is sufficient to answer the question.