Answer: $1117.42
Step-by-step explanation:
Given: The amount predicted by Economist =$1180
Let x be the amount spent by Americans on Summer vacation in 2014.
Therefore, According to the question, we have
5.6% of x+x=1180
[tex]\Rightarrow0.056\timesx+x=1180\\\Rightarrow x(0.056+1)=1180\\\Rightarrow\ x=\frac{1180}{1.056}=1117.42\approx[/tex]
Hence, the amount spent by Americans on Summer vacation in 2014 = $1117.42
