Felipe is going on a yearlong fishing trip and is deciding whether to use his big lure or his small lure. His big lure is better at catching northern pike and larger fish that are worth more, while his small lure catches a larger quantity of fish.
Felipe performs $50$ experimental casts with each lure. Once he decides which lure to use, he is going to perform $300$ casts with that lure over the next year.
**What is Felipe's expected profit if he casts with the large lure?
$\$$[[☃ math-keypad 1]]**
**What is Felipe's expected profit if he casts with the small lure?
$\$$[[☃ math-keypad 2]]**
**To maximize his expected profit, Felipe should cast with the [[☃ dropdown 1]] lure.**
(If necessary, round your answers to the nearest cent.)
The following table shows the average profit for each type of fish depending on which lure Felipe uses:
| Large lure | Small lure
:-: | :-: | :-:
Profit from northern pike | $\$5.00$ | $\$3.00$
Profit from walleye | $\$3.00$ | $\$1.00$
The following table shows the experimental casting results.
Result of cast| Large lure | Small lure
:-: | :-: | :-:
Northern pike | $10$ | $11$
Walleye | $12$ | $27$
No fish | $28$ | $12$
**Total**| $50$| $50$