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 1.200,000 tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earns 9.00 %year/month 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 t$0.03.

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 1.200,000 tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earns 9.00 %year/month 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 t$0.03.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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