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Title: A lottery administrator has just completed the state's most recent $50 million lottery. Receipts ... Post by: betterway on Mar 6, 2017 A lottery administrator has just completed the state's most recent $50 million lottery. Receipts from lottery sales were $50 million and the payout will be $5 million at the end of each year for 10 years. The expenses of running the lottery were $800,000. The state can earn an annual compound rate of 8 percent on any funds invested.
(a) Calculate the gross profit to the state from this lottery. (b) Calculate the net profit to the state from this lottery (no taxes). Title: Re: A lottery administrator has just completed the state's most recent $50 million lottery. ... Post by: cloveb on Mar 9, 2017 Lottery revenue = $50,000,000
Cost of payout= $50,000,000 x 6.710= $33,550,000 Gross profit = $16, 450,000 a) Operation expense =$800,000 b) Net profit=$15,650,000 Title: Re: A lottery administrator has just completed the state's most recent $50 million lottery. Receipts ... Post by: betterway on Jul 4, 2017 Thank you for providing the right answer every time
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