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A used car dealership can hire both college graduates and non-college graduates. The average number of cars it sells per hour is equal to q = 10 - 10*exp(-0.017c - 0.011n - 1.19), where q is the number of cars sold, c is the number of college graduates working during one hour, and n is the number of non-college graduates working during one hour. The dealership pays college graduates $35/hour and non-college graduates $11/hour. The dealership wishes to maximize its average profit during an hour. We assume that each car is sold for $29,000, and the variable cost (without considering the cost of labor) is $28,000 per car. If the dealership employs n = 8 non-college graduates each hour, how many college graduates should the dealership employ during one hour? Your answer can be a decimal to represent that an individual can work for a fraction of an hour.
Stated Rate (APR) Number of Times Compounded Effective Rate (EAR) %
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