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
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
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