When a commodity is sold for 34.80 there is a loss of 25% What is the cost price of the commodity?

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I have often admired the mystical way of Pythagoras, and the secret magic of numbers.

Thought Science we developed, but Mathematics is the mother of all Sciences

When a commodity is sold for \$34.80, thre is a loss of 2%. What is the cost price of the commodity?

The answer choices are as follow:

\$26.10

\$43

\$43.20

\$46.40

I tried to solve this by multiplying 34.80 dollars to 98 percent
(since there is a loss of 2%) and get $34.104.

But the answer key states that the answer is \$46.40.

Cost Price = (100/75 x 34.80) which yields \$46.40.

I don't know how it ended up with 100/75 in the solution, or how there's even 75 in it. I suspect the problem has some kind of typographical error.. Or if none, how did it wind up as $46.40?

Please help me understand this problem and reconcile the problem itself, the answer key I have and the solution I made earlier. (My suspicion is that it has a typo error. It has a 25% loss not 2%.)

PS I am a first yr college student struggling with word problems, specifically.

Thank you!