A large state university, currently facing a severe parking shortage on its campus, is considering constructing parking decks off campus. A shuttle service composed of minibuses could pick up students at the off-campus parking deck and quickly transport them to various locations on campus. The university would charge a small fee for each shuttle ride, and the students could be quickly and economically transported to their classes. The funds raised by the shuttle would be used to pay for minibuses, which cost about $150,000 each. Each minibus has a 12-year service life with an estimated salvage value of $3,000. To operate each minibus, the following additional expenses must be considered:

Item            Annual Expenses

Driver………………….......$40,000

Maintenance…………......$7,000

Insurance…………….........$2,000

If students pay 10 cents for each ride, determine the annual ridership (i.e., the number of shuttle rides per year) required to justify the shuttle project, assuming an interest rate of 6%.