The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso ja eceive $900 at the end of January, $1,800 at the end of February, $2,700 at the end of March, and so on up to $10,800 at December. At the beginning of the next year, the sequence repeats starting at $900 in January and ending at $10,800 in D This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 1,200,000 ti the minimum price they can charge for the tickets to break even, assuming the commission earns 9.00 %/year on its inves here is exactly one winning ticket? all calculations to 5 decimal places and round final answer to 2 decimal places Tolerance is + $0.02

ENGR.ECONOMIC ANALYSIS
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Author:NEWNAN
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Chapter1: Making Economics Decisions
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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, $1,800 at the end of February, $2,700 at the end of March, and so on up to $10,800 at the end of
December. At the beginning of the next year, the sequence repeats starting at $900 in January and ending at $10,800 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.
Transcribed Image Text: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, $1,800 at the end of February, $2,700 at the end of March, and so on up to $10,800 at the end of December. At the beginning of the next year, the sequence repeats starting at $900 in January and ending at $10,800 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.
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