How much is a reasonable pay rate when performing cover songs in bars on an Acoustic guitar?

I%26#039;ve recently started playing cover songs (acoustic versions) in a local tavern. I got this gig because a friend of mine does the booking at this bar now. I get paid $100 to go sit and perform cover songs while people drink. It%26#039;s gone over really well and I%26#039;ve gotten great responses from people and I like it a lot. I%26#039;m wanting to get into this on a much more frequent basis (currently I get one night a week at this one place). I live in a tourist trap city where there is a high demand for live entertainment like this, and I%26#039;m just wondering if any musicians/entrepreneurs with experience doing this could tell me what I should ask for as my rate. I%26#039;m not greedy or trying to price gauge but I do want to get paid all that I%26#039;m capable of earning doing this.
How much is a reasonable pay rate when performing cover songs in bars on an Acoustic guitar?
Actually, that sounds like a pretty good pay. Back when I was playing in the bars in Europe, I just played for the tips. Now, when I do play small room venues.. I just charge what the traffic will bear.. which is about $40 an hour, but I play both Guitar and keyboard so I can intermix them during the gig