Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When a homeowner wants to sell his or her home, the property is typically posted on a regional listing service. In a particular region, 70%

When a homeowner wants to sell his or her home, the property is typically posted on a regional listing service. In a particular region, 70% of the new properties added to the listing service in an average week are ``houses''. The remaining 30% of new listings added are ``condominiums''. The average house listed on the service stays there for 6 weeks, before it is either sold or the listing taken out for other reasons. The average condominium stays listed for 3 weeks. 

What percent of active property listings on the service (i.e., properties posted on the listing service but not yet removed) are condominiums?

Step by Step Solution

3.45 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

To find the percentage of active property listings that are condominiums we need to consider the ave... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay

6th edition

013703038X, 978-0137030385

More Books

Students also viewed these General Management questions