since the price is decreasing, you will substract a precentage.
you could find the 40% of 499 like this
[tex]\begin{gathered} =499\cdot0.4 \\ =199.6 \end{gathered}[/tex]after having this substract it from the original price
[tex]\begin{gathered} =499-199.6 \\ =299.4 \end{gathered}[/tex]the new price will be $299.4