The current price of bulk organic sugar is $6 per pound, which is 20% more than it used to retail for last year. What was the previous price?

i believe the answer is c.

this is the formula: v = the value of investment at the end of the time period

p = the principal amount (the initial amount invested)

r = the annual interest rate

n = the annual frequency of compounding (how many times a year interest is added)

t = the number of years the money is invested

^ means raise to the power of