The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $900 at the end of January, $2.000 at the end of February, $3,100 at the end of March, and so on up to $13,000 at the end of December. At the beginning of the next year, the sequence repeats starting at $900 in January and ending at $13,000 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 12.00 % / 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. TM Factor Table Calculator

The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $900 at the end of January, $2.000 at the end of February, $3,100 at the end of March, and so on up to $13,000 at the end of December. At the beginning of the next year, the sequence repeats starting at $900 in January and ending at $13,000 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 12.00 % / 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. TM Factor Table Calculator

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Today is 1/7/2021, John plans to deposit $500 at the beginning of each month into an investment fund. The first deposit will be deposited today. John predicts that the return rate of this fund will be j2=3.59% from 1/7/2021 to 30/9/2021 and j2=3.93% from 1/10/2021 to 31/12/2021. What will be balance amount of this account on 31/12/2021? Round your answer to three decimal places. Question Answer a. 3034.806 b. 3032.925 c. 3033.446 d. 3033.714
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