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The price of a chip falls by approximately 67% every year

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The price of a chip falls by approximately 67% every year [#permalink] New post 16 May 2013, 23:23
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The price of a chip falls by approximately 67% every year. In approximately how many years will the price of an $81 chip become $1?


I got his question in a document and it doesnt contain any options. Can you help me to resolve this.
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Re: The price of a chip falls by approximately 67% every year [#permalink] New post 16 May 2013, 23:33
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rohanchowdhary wrote:
The price of a chip falls by approximately 67% every year. In approximately how many years will the price of an $81 chip become $1?


I got his question in a document and it doesnt contain any options. Can you help me to resolve this.


67%=~2/3, which means that the price of a chip becomes 1/3 of the price in a year.

In 1 year the price will be 81*1/3=$27;
In 2 year the price will be 27*1/3=$9;
In 3 year the price will be 9*1/3=$3;
In 4 year the price will be 3*1/3=$1.

Hope it helps.
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Re: The price of a chip falls by approximately 67% every year [#permalink] New post 16 May 2013, 23:52
+1 Kudos Brunel.

I never though in this way, this si a new way i can drive on to my result.
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Re: The price of a chip falls by approximately 67% every year [#permalink] New post 22 May 2013, 06:55
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P0 = 81 (price of the chip at 0 moment)
P1 = 1/3 * P0 (67% price decrease means new price = 1/3 of the old price)
P(k+1) = P0 * (1/3)^k
81 * (1/3) ^ k = 1 leads to (1/3)^k = 1/81 = (1/3)^4 so k = 4
Re: The price of a chip falls by approximately 67% every year   [#permalink] 22 May 2013, 06:55
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The price of a chip falls by approximately 67% every year

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