The practice shows that each user session takes about 3-5Mb of memory in the running server (depending on the amounts of data being processed and surfaced). Assuming that you are not using 64-bit VMs you are limited to 2Gb per VM (you can running multiple VMs on the single server). So at a minimum you are looking at 5-6 VMs memory wise.
Of course there is a question of cpu and database resources which solely depends upon what exactly there users will be doing, how active they would be etc.
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