Knowledge Check The price of an item has been reduced by $95 \%$. The original price was $\$ 69$. Use the ALEKS calculator to find the price of the item now. \[ \$ \square \]

Step 1 ：The original price of the item was $69.

Step 2 ：The price of the item has been reduced by 95%.

Step 3 ：To find the new price, we subtract the reduction percentage from 1 and multiply the result by the original price. In mathematical terms, this can be represented as: \(new\_price = original\_price \times (1 - reduction\_percentage)\).

Step 4 ：Substituting the given values into the equation, we get: \(new\_price = 69 \times (1 - 0.95)\).

Step 5 ：Solving the equation, we find that the new price is approximately $3.45.

Step 6 ：Final Answer: The price of the item now is approximately \(\boxed{3.45}\).