The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 600 tickets. There is one $1,000 grand prize, four $ 200-second prizes, and...

The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 600 tickets. There is one $1,000 grand prize, four $ 200-second prizes, and fifteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.