Bruno noticed today’s gasoline price at the local convenience store was advertised as $3.40 per gallon. This price is 15% above last year’s price. Calculate last year’s price.

Last year’s price = $2.96

Step-by-step explanation:

Given:

Current price of gasoline = $3.40

Higher rate = 15%

Find:

Last year’s price

Computation:

Last year’s price = Current price of gasoline [100 / (100 + 15)]

Last year’s price = Current price of gasoline [100 / (115)]

Last year’s price = $3.40 [100 / (115)]

Last year’s price = 2.95652

Last year’s price = $2.96