A student at Brown U wants to become his own employer by using his car as a taxi for the summer. It costs the student $120.00 a month to insure his car for the 4 months of summer. He estimates to spend $440.00 per month on gas. If he lives at home and has no other expenses and charges an average of $12.00 per fare, how many fares will he have to get in order to pocket $6,000.00 at the end of summer? (Insurance and gas not deducted yet) How many fares will he have to average monthly to make his goal by the end of the summer?Dear student, please refer to the attachment for the solution. Thank You.Problem: A student at Brown U wants to become his own employer by using his car as a taxi for the summer. It costs the student $120.00 a month to insure his car for the 4 months of summer. He estimates to spend $440.00 per month on gas. If he lives at home and has no other expenses and charges an average of $12.00 per fare, how many fares will he have to get in order to pocket $6,000.00 at the end of summer? (Insurance and gas not deducted yet) How many fares will he have to average monthly to make his goal by the end of the summer?
Solution:
The cost of insurance is $120.00 per month.
For, 4 months, the total cost of insurance = 4×$120.00=$480.00
The amount to be spent in gas is $440.00 per month.
For, 4 months, the total amount to be spent in gas = 4×$440.00=$1760.00
Total Cost = $480.00+$1760.00=$2240.00Let the total number of fares be x.
Average charge per fare = $12.00
Total Revenue = x×$12.00=$12.00xProfit = $6000.00
Total Revenue-Total Cost=Profit
According to the condition of the given problem,
$12.00x-$2240.00=$6000.00
Or,$12.00x=$6000.00+$2240.00=$8240.00
Or,x=$8240.00/$12.00=686.67
Number of average monthly fares is given as:
686.67/4=171.67≈172Thus, the student will have to make on an average 172 fares monthly to make his goal by the end of the summer.
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