Lizzy: The price of an iPhone fell 10% in a particular month and another 20% in the second month. If the initial price was $1000, calculate the price after the second month..
Me: Hmmm, let me think. I think this is the detailed solution:
In the first month, the price of the iPhone fell by 10 / 100 * $1000 = $100. The new price after the first month is $1000 - $100 = $900. In the second month, the price fell 20% further by 20 / 100 * $900 = $180. The new price after the second month is $900 - $180 = $720. Final answer: 720.