Question: Current Attempt in Progress The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive
Current Attempt in Progress The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,200 at the end of January, $1,700 at the end of February, $2,200 at the end of March, and so on up to 56,700 at the end of December. At the beginning of the next year, the sequence repeats starting at $1,200 in January and ending at 56,700 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 1200 %/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 $0.03
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