Introducing new lottery game called infinite progress

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Reference no: EM131164623

The gaming commission is introducing a new lottery game called Infinite Progress. The winner of the Infinite Progresso jackpot will receive $1000, at the end of January, $2000 at the end of February, $3000 at the end of March and so on up to $12,000 at the end of December. At the beginning of the next year, the sequence repeats starting at $1000 in January and ending at $12,000 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 1 million tickets, what is the minimum price they can charge for the tickets to break even, assuming the commision earns 6%/year/month on its investments and there is exatly one winning ticket.

Reference no: EM131164623

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