Time to dust off those old math books. This is basic algebra.
Actually, the price was $13.50
Let the price be P.
(Unfortunately, it's hard to align text here)
Required vs Actual calculation, with same result:
P x 1.08 = P + 1.08
1.08 P = P + 1.08
1.08 P - P = P + 1.08 - P (subtract the same from both sides)
0.08 P = 1.08
0.08 P x 12.5 = 1.08 x 12.5 (multiply both sides with the reciprocal of 0.08)
P = 13.5