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Number of limousines available

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An entrepreneur is considering how many limousines to purchase when he starts up a limousine service. Below are his estimates of the number of limousine rentals the service will make during a year, depending on the number of limousines available.

Number of limousines

Total number of rentals

1

350

2

650

3

900

4

1100

5

1250

After paying all non-interest expenses, the owner expects to net $10 per rental. Each limousine costs $50 000. How many limousines should he purchase if the real interest rate is 4.5%?

Reference no: EM131100189

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