The answer is $38.22.
Since 45% of the dress price is off, that means that the price is 55% (100% - 45% = 55%) of the first price.
To calculate how much 55% is and how much the dress costs now, we will use the proportion:
$69.50 : 100% = $x : 55%
After crossing the products:
x = %69.50 · 55% ÷ 100% = $38.225 ≈ $38.22