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You and your friend, Jeremy, are fishing in a pond that contains 10 trout and 10 sunfish. Each time one of you catches a fish, you release it back into the water. Jeremy offers you the choice of 2 different bets.
Bet 1: If the next 3 fish he catches are all sunfish, you will pay him $100; otherwise he will pay you $20.
Bet 2: If at least 2 of the next 3 fish you catch are sunfish, he will pay you $50; otherwise you will pay him $25.
1. What is your expected return from bet 1?
2. What is your expected return from bet 2?

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