Question
The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,200 at the end
The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot will receive $1,200 at the end of January, $2,500 at the end of February, $3,800 at the end of March, and so on up to $15,500 at the end of December. At the beginning of the next year, the sequence repeats starting at $1,200 in January and ending at $15,500 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 950,000tickets, what is the minimum price they can charge for the tickets to break even, assuming the commission earns 12.00%/year/month on its investments and there is exactly one winning ticket? $enter a dollar amount rounded to 2 decimal places
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