George’s store is open five days a week year round, except during a four-week period each January when he goes skiing. How many bikes should George buy each year to maximize his expected profit?

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George owns a small business renting out bicycles in Detroit. He rents each bike for $5 a day. After a year, his rental bikes are worn out and basically worthless. So each year George gives his old bikes to a local charity and replaces his entire fleet of bikes. George buys his bikes from a local manufacturer at the discounted price of $500 each.George has estimated the following probability distribution of the number of bikes he can expect to rent on any given day:After George rents out a bike, he has to clean and tune it before he can rent it out again. The average cost of this maintenance is $2 per bike. This includes the cost of materials and the opportunity cost of George’s time.George’s store is open five days a week year round, except during a four-week period each January when he goes skiing.How many bikes should George buy each year to maximize his expected profit?”Do you need a similar assignment done for you from scratch? We have qualified writers to help you with a guaranteed plagiarism-free A+ quality paper.