Question

When a homeowner wants to sell his or her home, the property is typically posted on a regional listing service. In a particular region, 60% of the new properties added to the listing service in an average week are ``houses''. The remaining 40% of new listings added are ``condominiums''. The average house listed on the service stays there for 4.5 weeks, before it is either sold or the listing taken out for other reasons. The average condominium stays listed for 8.25 weeks. What percent of active property listings on the service (i.e., properties posted on the listing service but not yet removed) are condominiums?
a. 40
b. 50
c. 55
d. 60

Answer 1

Answer:

c. 55

Explanation:

As for the provided information, we know that

Percentage of active condominiums shall be calculated where the base shall be total property and the numerator shall be the active condominiums.

As provided condominiums = 40%

Active condominiums = 8.25 $\times$ 40% = 3.3

Total property time = 8.25 $\times$ 40% + 4.5 $\times$ 60%

= 3.3 + 2.7 = 6.0

Therefore, percentage of active condominiums = $\frac{3.3}{6.0} \times 100$ = 55%