The new iphone 3.14 is being sold at the ut math department. the original price is $1200 (day 0), but they are going to decrease the price of the phone by x percent each day. you decided to wait until the price dropped to $50.14 on the 16th day to purchase yours. what was the daily percent decrease that the ut math department set for the iphone 3.14? the new iphone 3.14 is being sold at the ut math department. the original price is $1200 (day 0), but they are going to decrease the price of the phone by x percent each day. you decided to wait until the price dropped to $50.14 on the 16th day to purchase yours. what was the daily percent decrease that the ut math department set for the iphone 3.14?

The change in the price at the UT Math Department is an exponential

function.

The daily percentage decrease that the UT Math Department set for the

iPhone 3.14 is approximately 18%.

Reasons:

The given original price of the new iPhone 3.14 = $1,200

The daily percentage decrease in price = x

The price of the new iPhone on the 16th day = $50.14

Required:

The daily percentage decrease that the UT Math Department set for the

iPhone.

Solution:

Decreasing (decay) price rate formula is given as follows;

y = a·(1 - x)ⁿ

Where:

y = The price on day 16 = 50.14

a = Original price = 1200

x = Percentage decrease rate

n = The number of days = 16

Which gives;

50.14 = 1200·(1 - x)¹⁶

Therefore, daily percentage decrease rate, x ≈ 0.18 = 18%

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