Fishing Luck Values?

I get that more luck = better chance of rare fish, but I’m curious how these percentages and values are combined and applied to players. All other luck perks in the game stack, so I assume these do too.

Is “2500 luck (ROL)” equivalent to 25%? Or maybe 2.5%?

How does fishing skill level affect luck?

What does having any amount of fishing luck explicitly mean?

Hat, Shirt, Gloves, Pants, & Boots:
Lucky Waters I: 10%
Lucky Waters II: 15%
Lucky Waters III: 20%

Poles:
Lucky Day/Night I: 30%
Lucky Day/Night II: 50%
Lucky Day/Night III: 75%

Firefly/Glowworm Bait: 85%

Minor Fishing Gathering Trophy: 2500
Basic Fishing Gathering Trophy: 5000
Major Fishing Gathering Trophy: 9000

Calculating total fishing luck:

Max = Lucky Waters III * 5 + Lucky Day III + Glowworm Bait + Major Fishing Gathering Trophy * 3 * (a scaler to convert the value to a percentage) + fishing skill level * (another scaler)

Max = 20% * 5 + 75% + 85% + 9000 * 3 * scaler1 + skill level * scaler2

Max = 260% + 27000 * scaler1 + 200 * scaler2

Please help me improve this formula. How do you think this all works and why do you think it works that way?

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