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A local lottery costs $5 a ticket, and there are 5000 tickets sold. There is one first prize for $1000, three second prizes of $100
A local lottery costs $5 a ticket, and there are 5000 tickets sold. There is one first prize for $1000, three second prizes of $100 each and ten third prizes of $25 each. You decide to purchase one ticket. What are your expected winnings? Make sure you show all work
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