Please answer question as quickly as possible. The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,000 at the end of January, $1,700 at the end of February, $2,400 at the end of March, and so on up to $8,700at the end of December. At the beginning of the next year, the sequence repeats starting at $1,000 in January and ending at $8,700 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 1,150,000 tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earns 3.00 %/year on its investments and there is exactly one winning ticket? Do all calculations to 5 decimal places and round final answer to 2 decimal places. Tolerance is ±$0.03.
Please answer question as quickly as possible.
The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,000 at the end of January, $1,700 at the end of February, $2,400 at the end of March, and so on up to $8,700at the end of December. At the beginning of the next year, the sequence repeats starting at $1,000 in January and ending at $8,700 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 1,150,000 tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earns 3.00 %/year on its investments and there is exactly one winning ticket?
Do all calculations to 5 decimal places and round final answer to 2 decimal places. Tolerance is ±$0.03.
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