A recent survey of tourists to Hawaii indicated that the average tourist spends 25% of their vacation budget on food and lodging, 10% on souvenirs and 65% on entertainment. If over the course of the year the price of food and lodging dropped 17%, the price of souvenirs dropped 8% and the price of entertainment rose 15%, what was the average price increase experienced by the tourists?
Round your final answer properly to two decimal places, if applicable.
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Let's imagine that we have an average tourist who spends $100 on his trip.
This means $65 for entertainment, $25 for food, and $10 for souvenirs.
We can find out prices for the next year by multiplying by the percentages.
Entertainment will go up by `65*0.15=9.75`
Food will go down by `25*0.17=4.25`
Loding will go down by `10*0.08=0.8`
The net change is `9.75-4.25-.8 = 4.7`
To find the percent change, divide change by original amount and multiply by one hundred:
`4.7/100 *100 = 4.7%`
Let total expence be x .
food and lodge = .25x
After dropped / increase price
food and lodge=.25x- (.17)(.25)x=.2075x
souvenirs= .1x - (.08)(.1x)=.092x
now total expence=1.047x
increased price = 1.047x-x=.047x
So percetage increase in price=`(.047x xx 100)/x`
The average price increase experienced by the tourists is 4.7%
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