Question: You purchase 8 raffle tickets at the county fair. Each ticket costs $5. A ticket is worth $100 with probability 1/400, but is worthless otherwise.

You purchase 8 raffle tickets at the county fair. Each ticket costs $5. A ticket is worth $100 with probability 1/400, but is worthless otherwise. What is the expected value of your purchase? Be sure to take into account the original purchase price of the tickets.

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