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Rudik [331]
2 years ago
5

The gaming commission is introducing a new lottery game called Infinite Progresso. The winner of the Infinite Progresso jackpot

will receive $1,000 at the end of January, $1,900 at the end of February, $2,800 at the end of March, and so on up to $10,900 at the end of December. At the beginning of the next year, the sequence repeats starting at $1,000 in January and ending at $10,900 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 800,000 tickets, 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
Business
1 answer:
ExtremeBDS [4]2 years ago
4 0

Answer:

$0.73

Explanation:

Interest = 12%  = 1% per month

The sequence of monthly payment for indefinite years

$1000, $1900, $28000......... $10900

This means that the monthly payment increases by $900

The equivalent monthly payment can be calculated as

= 1000 + 900 ( A/G , 1% , 12 )

= 1000 + 900 * 5.3814

= 1000 + 4843.26

= $5843.26

present worth of withdrawal = 5843.26 / 1% = $584326

<u>The minimum price that the company will have to sell its ticket to breakeven </u>

= 584326 / 800000

= $0.73

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Svetllana [295]

Answer:

An <u>account</u> is maintained for each financial statement item, whereas a(n) <u>general ledger</u> contains all of the accounts of the company.

Explanation:

Financial statements refers to a statement that that provides formal records of all financial activities and standing of a company or any entity in a structured and easily understandable manner.

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Therefore, an <u>account</u> is maintained for each financial statement item, whereas a(n) <u>general ledger</u> contains all of the accounts of the company.

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Answer:

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5 0
3 years ago
4.
valentina_108 [34]
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Vinson Company purchased a patent for $180,000 at the beginning of Year8, and estimated that its expected useful life was 5 year
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Answer:

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Explanation:

given data

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time = 5 year

to find out

amount recorded as amortization expense

solution

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so here

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amortization expense = 180000 / 5

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