Final answer:
To find the value of unused coffee shop gift cards, we multiply 13.9% of the total $31 billion spent on gift cards by 27%, which gives us approximately $1.16 billion.
Step-by-step explanation:
To calculate the approximate value of unused coffee shop gift cards from the total spent on gift cards in 2014, we follow these steps:
- Calculate the total value spent on coffee shop gift cards by taking 13.9% of the total spending on gift cards: 0.139 × $31 billion.
- Find the value of unused coffee shop gift cards by taking 27% of the coffee shop gift card value: 0.27 × (0.139 × $31 billion).
Now, let's do the calculations:
- Value spent on coffee shop gift cards: 0.139 × $31 billion = $4.309 billion.
- Value of unused coffee shop gift cards: 0.27 × $4.309 billion = $1.16343 billion, which is approximately $1.16 billion.