Luxury boxes have been constructed at a football stadium at


Luxury boxes have been constructed at a football stadium at a cost of $4,000,000 paid at EOM 0. In addition to construction, heavy maintenance is expected to occur every 24 months thereafter en perpetuity and cost $100,000 for every occurrence. The first heavy maintenance will occur at EOM 24 and then again at EOM 48, EOM 72, etc. Assume i=2 percent per month.

Assume income from the luxury boxes occurs monthly for 6 months out of every 12 months. Find the monthly income required to pay all of the costs mentioned above if the first income occurs at EOM 3, 4, 5, 6, 7, 8 and every 12 months thereafter (e.g., EOM 15, 16, 17, 18, 19, 20), etc. en perpetuity.

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Financial Management: Luxury boxes have been constructed at a football stadium at
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