Let's choose an amount of money that the friends have: $300.
Next, we'll choose a cost to rent each boat: $40.
Now, we can formulate the problem. Let \( x \) represent the number of boats the friends can rent. The total cost of renting \( x \) boats will be \( 40x \) dollars.
The inequality representing the situation is: \[ 40x \leq 300 \]
Now, we will solve the inequality: \[ x \leq \frac{300}{40} \] \[ x \leq 7.5 \]
Since the number of boats must be a whole number, we take the integer part of the solution. Therefore, the maximum number of boats the friends can rent is \( 7 \).
To summarize:
- The friends can rent a maximum of 7 boats.