Question

A venue plans to host trucking events regularly throughout the year. The expected revenue from each event is $100,000. The cost for hosting this type of event is $50,000 per event. If the venue wants to make a total profit margin of $2,350,000, how many events does the venue have to host throughout the year?

Answer 45

Answer 1

47 meetings

Explanation:

1. You know the company generates 100,000 dollars in profits, and pays 50,000 dollars to host the event, therefore, subtract both numbers to determine how much profit they make.

100,000 - 50,000 = 50,000 dollars

2. You now know that company generates 50,000 dollars in profits for each meeting

3. You also know that the company is aiming for a profit of 2.35 million, so you would divide the the goal by the total profits per meeting

2,350,000/50,000 = 47

It takes 47 meetings for the company to reach their goal.