A popular state lottery is played with prizes that are set: First prize is $70,000, second prize is $700, and third prize is $7. To win first prize, you must select all five of the winning numbers, numbered from 1 to 35. Second prize is awarded to players who select any four of the five winning numbers, and third prize is awarded to players who select any three of the winning
numbers. The cost to purchase a lottery ticket is $1. Find the expected value of the state lottery game and describe what this means in terms of buying a lottery ticket over the long run.
Find the expected value of state lottery game.
Expected value = $
(Round to the nearest cent as needed.)