The City of Greenville Has Decided to Build a Softball

The City of Greenville has decided to build a softball complex on a piece of property donated by one of the city
residents. The city council has already voted to fund the project at a level of $800,000 (initial capital investment).
The city engineer has collected the following financial information for the project.
• Annual upkeep costs: $120,000
• Annual utility costs: $13,000
• Renovation costs: $50,000 for every 5 years
• Annual team user fees (revenues): $32,000
• Useful life: Infinite
• Interest rate: 5%.
If the city expects 40,000 visitors to the complex each year, what should be the minimum ticket price per
person, so that the city can break-even?