The current price on a 60 inch flat panel lcdhd teleisionis $2300. Big screen te

Question

The current price on a 60 inch flat panel lcdhd teleisionis $2300.  Big screen televisions have dropped at an average rate of 9% per year in recent years.  If you expect this trend to continue, how much will this style of television cost in three years? The current price on a 60 inch flat panel lcdhd teleisionis $2300.  Big screen televisions have dropped at an average rate of 9% per year in recent years.  If you expect this trend to continue, how much will this style of television cost in three years?

Explanation / Answer

Current price = $2300

Decrease in price = 9% per year

Price in 1 year from today = $2300 - 9% of 2300 = 2300-207 = $2093

Price in 2 year from today = $2093 - 9% of 2093 = 2093-188.37 = $1904.63

Price in 3 year from today = $1904.63 - 9% of 1904.63 = 1904.63-171.42 = $1733.21

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