The State of Denial decides to hold a lottery, and sells 52000 tickets. Of these, 1 pays a grand prize which consists of an annuity of 26 equal annual payments of 1200 dollars each, with the first payment of the annuity coming 1 year from now. In addition, 660 other tickets pay a prize of 400 dollars, and 450 tickets pay a prize of 220 dollars. (The rest of the tickets win nothing.) Assuming an effective rate of 7.5 percent for the annuity, what is the expected value (i.e. expected winnings) of a single ticket?
Answer = dollars.