09 Mar Show your work Show transcribed image text Probl
Show your work Show transcribed image text Problem 7 Josh Nash has just invested $200,000 of his own funds in a new family-style restaurant. He has borrowed $200,000 at 8 percent annual interest from his Uncle Nix. He desires a 20 percent return on his investment. The restaurant has 100 seats and is open six days per week (closed on Sundays). He believes he can achieve average seat turnovers as follows: Breakfast = 1.4 Lunch = 1.6 Dinner = 1.2 His expected average tax rate is 15 percent. Assume the first day of the year is a Monday. Cost estimates are as follows: Required: 1. Determine the average check. 2. If the percentage sales by meal period are 20 percent, 30 percent, and 50 percent for breakfast, lunch, and dinner, respectively, what is the average check for each period?
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