The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,000 at the end of January, $1,700 at the end of February, $2,400 at the end of March, and so on up to $8,700at the end of December. At the beginning of the next year, the sequence repeats starting at $1,000 in January and ending at $8,700 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 3.00%/year on its investments and there is exactly one winning ticket? $

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The Zander Corporation wishes to accumulate $2,000,000 for plant expansion. The funds are required on December 31, 2025.  Zander intends to make five equal annual deposits at the beginning of the year in a fund that will earn interest at 8% compounded annually. The first deposit was made on January 1, 2021. What is the amount of the required annual deposit? The required annual deposit is (round up to the nearest dollar):

A state lottery commission pays the winner of the “Million Dollar” lottery annual installments of $50000 each year for the next ten years. If the prevailing interest rate is 8%/year compounded continuously, will the winner get his million dollars? If no, what should be the size of annual installment for overall win be equal one million?

Webster Mining is considering the purchase of a new sorting machine. The quote consists of quarterly payments of $17,000 for 8 years at an annual interest rate of 6% (APR with quarterly compounding).  If the first payment begins one quarter after date of purchase. What is the purchase price of the equipment?

A MERCHANT ACQUIRES A LOT OF MERCHANDISE WORTH $11,500.00WHICH AGREES TO SETTLE THROUGH AN IMMEDIATE PAYMENT OF $4,800.00 AND A FINAL PAYMENT 6 MONTHS LATER. YOU AGREE TO PAY 13% SIMPLE ANNUAL INTEREST ON THE BALANCE, HOW MUCH WILL YOU PAY WITHIN 6 MONTHS?

Blackstone Company purchased a new software system costing $35,000. To finance the purchase, Blackstone signed a contract agreeing to pay the cost over the next 8 years, with a payment due every six months; the first payment will be made six months from the date of purchase. Blackstone's usual interest rate is 10%. What is the amount of the payment required (rounded to the nearest dollar)? 's usual 096, What is the amount of the Select one: O a. 16,030 O b. 6,560 O c. 3,229 d. 2,575 e. None of the above

The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $800 at the end of January, $2,300 at the end of February, $3,800 at the end of March, and so on up to $17,300 at the end of December. At the beginning of the next year, the sequence repeats starting at $800 in January and ending at $17,300 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 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.

HY Industries Ltd. plans to replace a warehouse in eleven years at an anticipated cost of ​$55,000. To pay for the​ replacement, a sinking fund has been established into which equal payments are made at the end of every quarter. Interest is 7.5​% quarterly.   ​(a) What is the size of the periodic​ payment? ​(b) What is the accumulated balance just after the 32th ​payment?

Amber Mining and Milling, Inc., contracted with Truax Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2021. Amber paid for the lathe by issuing a $600,000, three-year note that specified 4% interest, payable annually on December 31 of each year. The cash market price of the lathe was unknown. It was determined by comparison with similar transactions that 12% was a reasonable rate of interest. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Complete the table below to determine the price of the equipment. 1-b. Prepare the journal entry on January 1, 2021, for Amber Mining and Milling's purchase of the lathe. 3 2. Prepare an amortization schedule for the three-year term of the note. 3. Prepare the journal entries to record (a) interest for each of the three years and (b) payment of the note at maturity. Complete this question by…