Answer:
Approximately $2.232
Explanation:
Given that:
Percentage increase in Price of chips = 12%
Approximate price of chips today = $2.50
Original price before the increase :
Let original price = y
(Original price) + (12% of original price) = approximate price today
y + (12% of y) = $2.50
y + 0.12y = 2.50
1.12y = 2.50
Divide both sides by 1.12
1.12y / 1.12 = 2.50 / 1.12
y = 2.2321428
y = $2.232
Hence, original price of chips is approximately $2.232