The price for chips have increased by 12% in recent years. If the approximate price for chips today is 2.50, how much was original price before the increase?

Approximately $2.232

Step-by-step 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