Question: please show step by step solution. thanks The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso

please show step by step solution. thanks
please show step by step solution. thanks The gaming commission is introducing

The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,100 at the end of January, $2,000 at the end of February, $2,900 at the end of March, and so on up to $11,000 at the end of December. At the beginning of the next year, the sequence repeats starting at $1,100 in January and ending at $11,000 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 950.000 tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earns 6.00%/year on its investments and there is exactly one winning ticket? 5 Do all calculations to 5 decimal places and round final answer to 2 decimal places. Tolerance is $0.03

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!