A lottery administrator has just completed the state's most recent P50 million lotteries. Receiptsfrom lottery sales were P50 million and the payout will be P5 million at the end of each year for 10years. The expenses of running the lottery were PS00,000. The state can earn an annual compoundrate of8 percent on any funds invested(a) Calculate the gross profit to the state from this lottery.(b) Calculate the net profit to the state from this lottery (no taxes).6.

given that, receipts from The sale of lottery = P50Million Payout will be P5 Million at the end of…

A lottery administrator has just completed the state's most recent P50 million lotteries. Receipts from lottery sales were P50 million and the payout will be P5 million at the end of each year for 10 years. The expenses of nunning the lottery were P800,000. The state can carn an annual compound rate of 8 percent on any funds invested (a) Calculate the gross profit to the state from this lottery. (b) Calculate the net profit to the state from this lottery (no taxes).

A lottery administrator has just completed the state's most recent P50 million lotteries. Receipts from lottery sales were P50 million and the payout will be P5 million at the end of each year for 10 years. The expenses of nunning the lottery were P800,000. The state can carn an annual compound rate of 8 percent on any funds invested (a) Calculate the gross profit to the state from this lottery. (b) Calculate the net profit to the state from this lottery (no taxes).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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