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To enter Ralph's Raffle, you buy a raffle ticket for eight dollars. Ralph sells 1200 of these tickets altogether, and then randomly selectes one grand

To enter Ralph's Raffle, you buy a raffle ticket for eight dollars. Ralph sells 1200 of these tickets altogether, and then randomly selectes one grand prize winner, who collects $900, and five lesser prize winners, each of whom gets $250. Find your expected payoff if you enter Ralph's Raffle by buying a single ticket. Round your answer to the nearest cent.

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