I have an event that I am running and I need to figure out what to charge participants so that I break even.
I know the formula for doing this:
Registration Fee = Expenses / Participants
HOWEVER, there is also a company fee that is assessed, which is where it gets tricky. The company charges 10% of the total revenue as a support fee. So if I use the formula above, then my total expenses will be higher than my income because I just added 10% of my income to my expenses for the support fee.
I then have to increase the registration fee until I break even. Right now I do this manually, but there must be a formula that I can use.
Of course, this formula is circular and won't work
Registration Fee = (Expenses + (Registration Fee * Participants * .10)) / Participants
Does anyone know how to solve a formula I can use to solve this problem?