Final answer:
The cost of a $60 product in t days with reductions of $2 a day is $60 - ($2 x t), with an 8% daily reduction it is $60 x (0.92)^t. If the price decreases by both methods each day, the calculation is complex and iterative. Without these reductions, more information is needed to determine the future cost.
Step-by-step explanation:
If a product costs $60 today, the cost of the product in t days with different rates of reduction can be calculated as follows:
A) $2 a day
If the price is reduced by $2 a day, the cost of the product after t days will be:
$60 - ($2 × t).
B) 8% a day
If the price is reduced by 8% a day, the cost of the product after t days will be:
$60 × (0.92)^t.
C) Both a and b
If the price is reduced by both $2 a day and 8% a day, the calculation becomes more complex as each subsequent discount will be taken from a smaller amount due to the previous day's discount.
D) None of the above
If none of the above situations apply, we would need additional information to determine the future cost of the product.