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2. A sports mortgage is an innovative way to finance cash-strapped sports programs by allowing fans to sing up to pay a mortgage for the

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2. A sports mortgage is an innovative way to finance cash-strapped sports programs by allowing fans to sing up to pay a "mortgage for the right to buy good seats at football games for severa decades with season tickets locked in at current prices. At Norte Dame, the locked-in price period is 50 years. a) If a fan pays a $140, 000 " mortgage" fee now ( year 0) when tickets are selling for $300 each, what is the equivalent annual cost of the football ticket over the 50-year period at a interest rate of 8% per year Draw the cash flow diagram b) 2. A sports mortgage is an innovative way to finance cash-strapped sports programs by allowing fans to sing up to pay a "mortgage for the right to buy good seats at football games for severa decades with season tickets locked in at current prices. At Norte Dame, the locked-in price period is 50 years. a) If a fan pays a $140, 000 " mortgage" fee now ( year 0) when tickets are selling for $300 each, what is the equivalent annual cost of the football ticket over the 50-year period at a interest rate of 8% per year Draw the cash flow diagram b)

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