This week at Record World, records by Girl Jill cost $1.10 less than usual. This is a 20% decrease. What is the current price?

P2 = P1 - 1.10 = 0.8P1.

0.2P1 = 1.10
P1 = $5.50.

P2 = 0.8P1 = 0.8 * 5.50 = $4.40 = Current price.