$ 119.607
Explanation
we can easily solve this by using a rule of three
Step 1
Let
actual price(2020)=price of 2019 + 2%
so
actual price(2020)= 102 % and
price ( 2019)=100 %
let x represents the cost for 2019, so
[tex]\begin{gathered} \text{if} \\ 122\Rightarrow\text{ 102\%} \\ x\text{ }\Rightarrow\text{ 100 \%} \end{gathered}[/tex]
the proportion would be
[tex]\begin{gathered} \frac{122}{102\text{ \%}}=\frac{x}{100\text{ \% }} \\ \text{ Multiply both sides by 100 \%} \\ \frac{122}{102\text{ \%}}\cdot100=\frac{x}{100\text{ \% }}\cdot100 \\ 119.607=x \end{gathered}[/tex]
therefore, the cost in January of 2019 is
$ 119.607
I hope this helps you
