A new study estimates a round-trip ticket on a bullet train between Chattanooga and Nashville would cost about $75 and the trip would take about 50 minutes each way without stops.

Building the high-speed train between the cities would cost $5.4 billion, officials said Wednesday as they publicly unveiled the study.

The report, done by the engineering firm Arcadis, stated that a “maglev” train, levitated and propelled by powerful magnets — one of the technological choices for a bullet train — should run along the Interstate 24 right of way. Government funds from federal, state and local sources paid for the $2 million study.

“Maglev can do grades,” said Joe Ferguson of Chattanooga’s Enterprise Center, noting that such a train can go up Monteagle Mountain. “It’s a no-brainer.”

The Chattanooga-Nashville leg is just one part of what could be a Chicago-Savannah, Ga., rapid-rail line, Mr. Ferguson said.

On Wednesday, the Enterprise Center board approved hiring Commonwealth Research Associates of Washington, D.C., to develop a strategic plan for the next steps on the train project. No money has been allocated for construction for the train, and it isn’t known when or if work will start.

Brian Whitaker of Arcadis, which is based outside Denver, said a study on the Atlanta-to-Chattanooga section has indicated stations could go up at Chattanooga’s airport and Warner Park. He said there also have been conversations about putting one at the Chattanooga Choo-Choo.

The new study also showed stations could go up in Murfreesboro, at Nashville’s airport and downtown Nashville.

The study projects ridership at 51,322 total trips in 2030. Mr. Ferguson said ridership projections are low, but they don’t include the Atlanta-Chattanooga leg.

The train could travel between Chattanooga and Nashville at speeds ranging from 250 mph to 310 mph for about one-third of the trip, the report projected. Another third of the time, speeds would be below 125 mph, most of that due to the mountain area just northwest of Chattanooga, Mr. Ferguson said.

Wayne Cropp, the Enterprise Center’s director, said the United States needs new transportation infrastructure for the future. High-speed trains could address energy and environmental issues, he said.

With the high price of gasoline and concerns about airline service, rapid rail is another option, Mr. Ferguson said.

The economic impact of the Chattanooga-Nashville portion of the bullet train was put at $1.3 billion, according to Arcadis, though that does not include jobs created, other economic development, greenhouse gas reduction or reduced dependence on foreign oil.

Maglev boosters locally would like to gain access to $15 million in federal money that could be available for a more in-depth study of the Chattanooga-Nashville route, Mr. Ferguson said. A $7.9 million study now is under way on the Chattanooga-Atlanta leg and should be finished next year, he said.