Jason Bilodeau is the managing partner of a business that has just finished building a 60-room motel. Bilodeau anticipates that he will rent these rooms for 17,500 nights next year (or 17,500 room-nights). All rooms are similar and will rent for the same price. Bilodeau 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 Bilodeau 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. Data table More info The capital invested in the motel is $1,400,000. The partnership's target return on investment is 20%. Bilodeau 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 Bilodeau charge for a room-night? What is the markup as a percentage of the full cost of a room-night? 2. Bilodeau's market research indicates that if the price of a room-night determined in requirement 1 is reduced by 10%, the expected number of room-nights Bilodeau could rent would increase by 10%. Should Bilodeau reduce prices by 10% ? Show your calculations