The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of...
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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 $1,300 at the end of January, $2,100 at the end of February, $2,900 at the end of March, and so on up to $10,100 at the end of December. At the beginning of the next year, the sequence repeats starting at $1,300 in January and ending at $10,100 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 850,000 tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earns 9.00 %/year/month on its investments and there is exactly one winning ticket?
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