Question
Rental Car Cost Analysis Price Quoted as of June 30, 2022 Car Rental Contract Terms Customer-related data Car type: Mid-size Number of weeks renting car:
Rental Car Cost Analysis | |||||||
Price Quoted as of June 30, 2022 | |||||||
Car Rental Contract Terms | Customer-related data | ||||||
Car type: | Mid-size | Number of weeks renting car: | 2 | ||||
Weekly rental car charge: | $175.00 | Estimated number of miles to drive: | 350 | ||||
Charge per mile: | $0.18 | ||||||
Gas-related data | |||||||
Average miles per gallon for car | 20 | ||||||
Average cost per gallon of gas | $4.80 | ||||||
Quote Customer Projected Costs of: | |||||||
Car charge | $ 350.00 | ||||||
Mileage charge | 63.00 | ||||||
Gas expenses | 84.00 | ||||||
Total projected car rental expense | $ 497.00 |
Your task is to help the owner with her rental expense options.
a. If Mrs. Jones wants to spend the exact total amount of $500 on her projected car rental expense, the gasoline price per gallon must be (answer in 4 decimal points) type your answer... (hint: use Goal Seek for this question).
b. With the current fluctuation in gasoline prices, vary the prices between $4.20 per gallon and $5.80 per gallon, incremented by 20 cents and vary the estimated number of miles to drive between 325 and 450, incremented by every 25 miles (hint: create a 2-input data table). -
- If the estimated number of miles driven is 325, for a projected car rental expense of $500 the price range for gasoline must be __________per gallon.
- If the estimated number of miles driven is 375, for a projected car rental expense of $500 the price range for gasoline must be __________per gallon.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started