Jason Bartlett is the managing partner of a business that has just finished building a 60-room motel. Bartlett anticipates that he will rent these rooms for 20,000 nights next year (or 20,000 room-nights). All rooms are similar and will rent for the same price. Bartlett estimates the following operating costs for next year: (Click the icon to view the operating costs.) (Click the icon to view additional information.) Read the requirements. Requirement 1. What price should Bartlett charge for a room-night? What is the markup as a percentage of the full cost of a room-night? Begin by selecting the formula, then enter the amounts and solve for the room price per night. +1+[]=]=Priceperroom-nightperroom-night Data table More info The capital invested in the motel is $1,200,000. The partnership's target return on investment is 20%. Bartlett expects demand for rooms to be uniform throughout the year. He plans to price the rooms at full cost plus a markup on full cost to earn the target return on investment. Requirements 1. What price should Bartlett charge for a room-night? What is the markup as a percentage of the full cost of a room-night? 2. Bartlett's market research indicates that if the price of a room-night determined in requirement 1 is reduced by 15%, the expected number of room-nights Bartlett could rent would increase by 10%. Should Bartlett reduce prices by 15% ? Show your calculations