The "problem" with E-85 ethanol is that it provides you only about 70% of the gas mileage of regular gas. And it requires a car that CAN accept Flex Fuel. If not (i.e., if your car is strictly a regular gas car), you'll suffer poor performance (stalling, hesitation, rough idle) as the car runs too lean (too much air, not enough fuel).
But mathematically, just the fact that it gives you 70% of the mileage of regular gas means that 2.69 divided by .7 equals $3.84 in equivalent "apples to apples" price.
I bought a 2013 Chevy Impala police vehicle from the New York City police department in 2017 or so. It patrolled the water reservoir areas serving New York City in upstate New York (the concern is terrorism) so had never been in bumper to bumper NYC traffic. Perfect condition, not even the smallest dent, and it was and is a Flex Fuel vehicle. Someone wanted to buy it from me and specifically told me that he was eager to be able to use E85 because of how inexpensive it was. But I couldn't NOT tell him so perhaps I lost a "$10,000 profit" sale as a result (I wasn't seeking to sell it anyway). Oh well.